What Are Performance Bonds And When Do You Need Them?

what is a performance bond

It’s not a secret that consumers have been burned by unscrupulous contractors time after time. Whether it’s because of contractors questionably subcontracting out projects, delaying the development and going over budget, or applying other deceitful practices, consumers have now become extra cautious when hiring contractors.

One way that both contractors and clients can protect themselves is through a Performance Bond.

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How To Get Your Contractors License In Oregon

oregon ccb license


It doesn’t matter if you work independently, with an organization or business, or in some other fashion. If you do any sort of work that involves contracting in a physical capacity and receive funds for the work that is completed, you’ll need an Oregon Contractors License.

 

Short on time? Jump straight to the tutorial on how to get your Oregon CCB License.

Want to see how much a Contractor License Bond would cost you? Get a FREE Contractor License Bond Quote.

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Four Ways A Surety Bond Delivers Peace of Mind To Your Customers

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You like to have a feeling of certainty about your decisions. How do you know if it’s worthwhile to get a surety bond? Surety bonds are all about that certainty — a way to build trust between your company and your clients.

What is a Surety Bond?

A surety bond is a relationship between a company, a client, and a surety bond provider. If things go awry and the company cannot fulfill its obligations to the client, then the surety bond company will step in to help the client.

Surety bonds are different from insurance. Insurance protects the person who holds the policty. A surety bond does not protect the person who holds the surety bond. Rather, a surety bond protects the clients of the one who has the surety bond. You can learn more about the differences between surety and insurance.

Not sure if you need a surety bond? Check out this post: 4 Reasons You Might Need a Surety Bond. 

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How Does A Surety Bond Work?

how does a surety bond work

Short on time? Read our Surety Bond FAQ.

What is a Surety Bond?

Surety bonds are similar to insurance policies, but there are a few key differences. For example, while an insurance policy is a two-party agreement (between the insured and the insurer), a surety bond is a three-party agreement.

You can learn more about how surety bond and insurance are different.

With contractors, a surety bond is an agreement between the contractor, the contractor’s client, and a third party surety bond company. The surety bond company covers the contractor’s promise to complete the terms of a contractual agreement between the contractor and client. 

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