The construction industry is filled with risk. More than 60 percent of all small businesses, including smaller construction firms, contractors, and subcontractors, will be out of business within six years. The industry is also very sensitive to outside problems, such as equipment problems, economic downturns, high prices caused by trade tariffs like the recent steel tariff, labor problems, shortages of materials, and a variety of other factors.
Whether you’re a private homeowner doing a small remodel or at the head of a federal agency overseeing a huge public works project, no one can afford to overlook all of these risks. There’s no need to cross your fingers and hope for the best; construction bonds guarantee that the job will get done. The bonds allow you to transfer the risk off of your shoulders and onto the surety.
There are three kinds of surety bonds devoted to the construction industry: bid bonds, payment bonds, and performance bonds.
How do the practical functions of construction bonds protect you? In many different ways:
Sureties are crucial to the construction industry, keeping it safe for consumers and allowing the industry to stand as a symbol of American economic growth and stability. Surety bonds, a reliable measure against contractor failure, are a low-cost, wise investment in a dynamic industry. To learn more, contact Viking Bond Service today at 888-278-7389.
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