As a contractor, you know all of the elements of your trade.  You know how to estimate a construction project, hire skilled men and women to work for you, manage costs and equipment.  You know how to communicate with your clients.  To obtain most Federal, State and Local jobs you will need to obtain Bid Bonds, Performance and Payment Bonds and Maintenance Bonds. For many contractors, the world of Surety Bonds is very different from the world of construction.  To help you, G & G Surety Consultants are here to work with you to structure or restructure your company to attract the Surety underwriters which fit your company best.

Bid Bond – To bid one of these projects you must guarantee that you are credit worthy enough to finish the job and pay your workers and suppliers should you win the bid.  The owner of the project needs to be assured they will not be sued for these kinds of costs (and others) should you fail to finish the job.  Consequently, to submit a bid you either need to pay, upfront, a fee equal to at least 20% of the bid (with maximums given) in a certified check, postal money order, irrevocable letter of credit or present a bid bond from an insurance company which has reviewed your financial position and is insuring that you will finish the job, should it be awarded to you.  

Performance & Payment Bonds – Your company has successfully placed the winning bid on a Federal, State or Local project and now, in order to  be awarded the project, you must provide to the owner Performance Bonds which will ensure you will finish the job and Payment Bonds which guarantee you will pay your workers and subcontractors as well as pay for all of the materials and supplies used on the job.   The bonding company provides these bonds to you based upon financial review prior to bidding, for a fee dependent upon the project scope and your financial health.