Plan to get a Louisiana construction bond before winning any bids to work on public sector or large-scale projects in the private sector.
This type of surety bond encompasses multiple different types of contract bonds - bid, performance, & payment - that all hold contractors financially responsible if they fail to meet the terms of a contract.
If a contractor backs out of a bid, drags out a project, fails to pay laborers, or do anything else that's required of them, the parties who are wronged by this behavior can file a claim against the surety bond seeking damages. The surety company that backs the bond will settle the claim, then collect the amount paid out from the contractor who caused the claim in the first place. Basically, construction bonds in Louisiana make contactors accountable for their mistakes.
Anyone who plans to bid on construction projects in Louisiana. Since bonds protect whoever is hiring a contractor, they're commonly required before starting any work. Plan to get a bond as soon as you discover it's required.
There are three parties in this and all types of surety bonds:
The cost is a small percentage of the total bond amount. Bond seekers with bad credit will pay slightly more to obtain a bond.
The surety guarantees payment for all valid claims. To establish validity, the surety investigates all claims thoroughly. As long as the details prove true, the surety issues payment immediately before turning its attention to collecting the amount of the settlement (with interest and fees included) from the principal, who always has final financial responsibility.
The application is a quick simple process when you work with Viking Bond Service. Our experienced contract bond agents will provide you with an application that fits your specific bond request. Along with the application, you must agree to a credit check, and turn over any other documents the surety underwriters request. Expect to get a quote for your surety bond back in as little as 24 hours.
We have everything you need to satisfy all your bond requirements. Get the process started or get more information first - call us at 1-888-278-7389 or reach one of our bond experts through the contact form on this page.
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