Being selected to work on a construction project is highly competitive. Project owners want to make sure they choose the best suited contractor that can complete their project on time and the right way. To protect their investment, project owners will require contractors to get a surety bond before being chosen to complete the project. The surety bond protects the project owner and promises that the project owner will be paid a certain amount if the contractor does not fulfill their responsibility per the contract. These bonds are issued by surety companies and banks.
Choosing a surety bond company
If you are a contractor looking to get a surety bond Georgia, here are the things to look for when choosing the right company:
- If the company is able to provide the set amount to the principal if needed
- Whether the surety company is licensed or not
- The surety bond premium the surety company requires
- How the surety company examines your bond request to see If you are eligible
- How accessible their staff is
- What benefits the surety company can offer the contractor
- The process they may follow to recover the money from the contractor in an instance of default
