Construction Bonds
Whether you need a bid bond, construction performance bond or labor material payment bond, Oakland Companies ensures you receive the surety support you deserve.
Contractors make the construction world turn. They provide the skills, tools and services essential to any construction project. Many construction projects require the contractor to be bonded. A bond is not an insurance policy – it’s a guarantee, a form of credit. What it guarantees is determined by the bond language and/or the contract it is bonding. Oakland Companies can be your consultant – your advocate – your ally. Our relationships and respect among national and regional surety companies give you unsurpassed access to the surety that best fits your business plan.
Construction surety bonds are comprised of several bonds that guarantee a construction project from start to finish such as a bid bond, construction performance bond, and labor material payment bond. Other types include supply bonds or maintenance bonds. Federal, State and local governments require bonds in order to manage risk on construction projects and to protect the taxpayer’s dollar. Many private owners also require bonds to manage risk.
Being able to obtain surety bonds has a significant effect on the contractor’s ability to acquire work. Oakland Companies can establish the relationship you need with the surety that best fits your needs. The most common types include:
- Bid Bond - A bid bond prequalifies a contractor for many bids. It states the surety will provide a performance and payment bond if the contractor is awarded the job
- Construction Performance Bond - A construction performance bond guarantees the contractor will “perform” and complete the work according to the contract terms.
- Labor Material Payment Bond - A payment bond assures that the contractor will pay any monies owed for the job, this includes subcontractors and suppliers.
- Supply Bond - A supply bond guarantees that a contractor will supply materials, goods or machinery according to the contract.
As a contractor you have many obligations – let Oakland Companies help you with your bond needs. Whether you need a “one-time” bond or many bonds, establishing a bond credit line can be tedious, Oakland Companies can help make the process painless! Our expert staff and knowledgeable agents are happy to help and answer any questions you have.
Contact us today at 877.312.2920 or simply fill out the form on this page for more information about construction surety bonds or commercial bonds.