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Performance Bonds for Service Industries

Performance Bonds for Service Industries

A continuing trend for municipalities across the country is outsourcing of services. Everything from janitorial services, to equipment maintenance is being bid and awarded to outside firms.  As a means of pre-qualification as well as protecting the taxpayer, many of these newly outsourced services require bonding.  Requiring bid, performance and payment bonds on service contracts weeds out potential contractors that lack …

 

Bonding Subcontractors, Benefits, Pitfalls and Other Considerations

Bonding Subcontractors, Benefits, Pitfalls and Other Considerations

Often times subcontractors are required to provide performance and payment bonds to a general contractor.  The commonly referred to as “sub bonds”, this practice adds a layer of protection to the general contractor by providing some assurances that the sub contractor’s suppliers and sub contractors will be paid and that some financial assistance will be provided by the surety in the event the sub contractor needs …