Surety Bond Professionals (781-559-0568) announces updates to its bonding services, offering construction bonds geared toward New York general contractors and subcontractors who want to bid on new projects and grow their businesses.
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The surety agency aims to help contractors increase their chances of successfully bidding for public and private construction projects in New York amid an intensely competitive market.
More information is available at https://www.suretybondprofessionals.com/performance-payment-bonds-ny-new-york-construction-bonds
With this latest move, contractors based in New York will have the opportunity to consult with senior bond professionals who have developed an easy construction bond application process with fast approvals that help contractors submit more bids in a timely manner. Mark Leskanic, President of Surety Bond Professionals stated that “with access to over 25 surety markets and a hands-on customer service approach, we can get contractors faster approvals which help them increase their chances of winning more jobs and growing their business.”
The agency added that the updated service is also timely, as the number of construction projects earmarked for New York will increase significantly due to the recent signing of the $1.9 trillion stimulus bill of the Biden administration.
Surety Bond Professionals explained that certain types of construction bonds for public projects are required by the state and local governments. These include bid bonds and performance and payment bonds. Contractors who are not familiar with the bonding requirements in New York may receive assistance from the company’s surety agents.
Project owners will often require a construction company to obtain a performance bond to ensure that the various obligations of their contract will be met. Contractors are expected to work within the set budget, complete the work on time, and finish all the work that was initially agreed upon.
When the contractor fails to meet its obligations, the project owner will receive a payment from the surety. Alternatively, the surety company can also find a new contractor on the project owner’s behalf or take up the project itself to complete it.
Payment bonds, on the other hand, ensure that all material and labor costs will be met, even if the contractor defaults on their contractual obligations. This provides peace of mind to all involved, including the suppliers, workers, and the client. This is because the bond money can be used to pay for all project-related expenses, allowing for its full completion as agreed upon.
“Construction is a competitive business and having bonds will help you secure more work from clients who are always looking for the best and most responsible contractors,” the company explained on its website. “But bonds aren’t free, so if you are a contractor in New York, you should make sure you are getting the most competitive terms and largest programs.”
For more details, go to https://www.suretybondprofessionals.com/performance-payment-bonds-ny-new-york-construction-bonds
Contact Info:
Name: Mark Leskanic
Email: Send Email
Organization: Surety Bond Professionals, Inc.
Address: 205 Union Street, Natick, MA 01760, United States
Phone: +1-781-559-0568
Website: https://www.suretybondprofessionals.com/
Release ID: 89072420
