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Surety Bonds Save Tax Payers Again

Edge Development, a General Contractor based in Temecula CA, shuts its doors after 23 years in business.  The company had several public works projects underway.  Thankfully, the law requires contractors on public works projects to provide performance and payment surety bonds.  As a result, the surety has already stepped in, all the sub contractors and suppliers will be paid and the jobs completed at no addtional cost to the tax payers.

See the newspaper article here

Many contractors do not like the surety bond requirements.  Some feel that the surety requirement prevents them from participating in public works projects.  Fact is, that is absolutely true, the surety bond requirement does prevent contractors that are not qualified, either financially or  lack of experience, to participate in public works projects.  For a very minimal fee, the surety company prequalifies contractors and financially backs  that prequalification process, saving the tax payers money time and time again.

 

 

 


About The Author

Surety1 is a surety bond company. Surety bonds are all we handle so we are the experts! We have over 25 years of experince in the industry and want to bring this knowledge to contractors and business owners. Please contact us info@surety1.com with any questions or comments

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Faye Parker / December 10, 2012

I am interested in opening up a small business with a few employees how do I get bonded and insured. Any help appreciated.

    admin / December 13, 2012

    how many employees and what type of business? Do you just want to be able to say you are bonded or is there a bond requirement?

Priscilla / March 26, 2013

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