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Your First Bond

For many contractors, the toughest bond they'll ever get is their first bond. This is as much because of the fear of the unknown than any real problems they might have in obtaining a bond However, to establish a bond line of credit, we will need to prove 3 things to a bonding company:

1) Capabilities: Your company has the ability to do the project you want to bond. To establish this, the bonding company likes to have resumes of the firm's key personnel stating their construction experience, a list of largest projects completed by your firm to show the company has successfully completed jobs of a similar nature, and any other such information which shows you are qualified to do the jobs you want to bond such as articles, and/or awards you or your company may have obtained.

2) Character: Your the type of contractor who does the job professionally and does not have consistent problems like lawsuits from owners and subcontractors for poor work and non-payment for work and materials. To prove this the bonding company does reference checks on past projects and suppliers as well as obtaining credit and law suit reports. In addition, any letter of recommendation you have should be provided to us.

3) Capital: You and your company have the financial strength to handle the sized jobs you wish to bond. Financial statements, tax returns, schedule of current projects and other financial related information are used to determine how additional work your company can safely be expected to undertake at any one time and not risk financial ruin if one of those jobs goes bad which happen to even the best of contractors.

If we can prove these 3 things to a bonding company, we should be able to obtain a bond for your company.