If you have a business where you are responsible for completing construction projects, before you can bid on any job you are going to need to take out what is called a surety bond. There are several different types of license and permit bonds that are available. Some of the more common ones involve mortgage lenders, auto dealers, and what are called contractor license bonds. These permit bonds make it possible for people to work on a job because the company that issues the bond will be responsible for the full payment of the job if the contractor does not follow through. In order to purchase one, you will have to find a surety bond company that will provide you with this type of bond so that you can do your work.
How Do You Find These Companies That Issue Bonds?
There are a couple of different ways that you can get these bonds. The first way is to contact a company that specifically does permit bonds for contractors. The other way, which is the most common, is to contact a company that does surety and performance bonds in every state in the country. The larger that the company is, the more likely it is that they will be able to provide you with this type of bond. They are willing to work with people even if they do not have good credit. If you can show a track record for completing jobs in the past, even if your credit is not above 700, they are still going to provide you with this type of bond so that you can get to work.
How Do You Get The Lowest Prices On Permit Bonds?
To get the lowest prices on permit bonds, you are going to need to sift through the many different listings that you find online. You can start by going to www.erikenderson.com and better inform yourself. You might actually have a company or two that is local that you can call to get quotes on how much it will cost. You can then compare these rates with those that you find on the web. Even if a company is not located in your state, they may still provide these bonds for companies. The larger the company, the more confident you should be about being issued a bond because they tend to be more flexible.
How Long Will It Take To Get The Bond?
It’s probably going to take a couple of days to get this type of bond so you need to start doing your research early on. If you are granted permission to do a job because your bid is the lowest, you need to have this bond ready to go before you can start your work. Although you may be the most reputable company in the world, the company that is providing this job for you may not trust anyone at all. The only thing they can trust is a business that will actually pay for a permit bond, guaranteeing that they will receive compensation if you decide to not complete the project as stated on the contract.
Once you have done your research and have found an affordable bond provider, you should get your permit bond as quickly as possible. This may take a few days as mentioned before, so do your research in advance so that it can be granted to you prior to starting your job. This is so important and once you do find one company that will work with you, you should have this number at your office or in your cell phone. By doing so, you will be able to call them whenever you need to in order to get the bonds that you need for the work that you do.