Proving your worth: Surety bond producers provide value to clients and beneficiaries in myriad ways

In a sense, the surety bond industry is a victim of its own success and efficiency. Because it is so effective in prequalifying worthy construction firms for bonds, surety claims are relatively rare, which can lead both construction clients and bond beneficiaries, such as state and municipal building authorities, to question just how much value a bond provides.

The bond itself is, of course, a powerful and valuable tool to prequalify contractors and subcontractors and to ensure that projects—both public and private—are completed in accordance with the plans and specifications and to ensure that certain subcontractors and suppliers that furnish work and materials on the project are paid moneys due and owing to them. READ MORE…