Major Types of Contract Surety Bonds

Major Types of Contract Surety Bonds

surety bonds in N.J.

As a contractor, you understand the need for having quick access to surety bonds in N.J. when you require them. Without bonds, a contractor is left in the untenable position of being unable to compete for the most profitable jobs available. For example, all federal projects require contractors to post bonds, as mandated by the Miller Act of 1935. Additionally, nearly all commercial work and a great deal of residential work also require surety bonds.

Frequently Issued Contract Performance Bonds in N.J.

The following bonds are some of the most frequently issued to contractors in New Jersey:

  1. Bid Bonds
  2. Performance Bonds
  3. Payment Bonds
  4. Labor & Materials Bonds
  5. Maintenance Bonds

Choose an Insurance Agency That Specializes in Bonds

Sometimes you will find that you need to have a bond issued within a matter of hours if not sooner. To meet last minute deadlines, it is important to establish a working relationship with a knowledgeable insurance agent ahead of time. Choosing the right agent can make the difference between being able to bid on and accept a job, or not. Be sure that the agency you select to issue your surety bonds in N.J. has a comprehensive understanding of both the marketplace and the intricacies of contract performance bonds