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Nevada Construction Bond

If you work in the Nevada construction industry, you may need a Nevada construction bond at some point. Many contractors and construction companies need these surety bonds on a regular basis. This guide explains the ins and outs of Nevada construction bonds.

What is a Nevada Construction Bond?

The term Nevada construction bond actually refers to several different types of surety bonds a Nevada contractor may need: bid bonds, performance bonds, payment bonds and more. In many cases, a contractor will need all or most of these bonds on one project, which is why they go under the collective term of construction bond. They all work in fundamentally the same way: to hold a contractor financially liable for work that was agreed to under contract but never delivered. When a contractor falls short of expectations, the project owner that hires the contractor may rely on the Nevada construction surety bond to seek financial compensation for their losses.

How does a Nevada Construction Bond work?

If a contractor violates the terms of a construction contract, the owner of the contract may file a claim for damages against the bond. As long as the claim holds up under investigation, the surety company that backs the bond guarantees immediate payment in full. After the surety settles the claim, it will focus on collecting that amount, plus interest and fees, from the bond holder - eg. the contractor who caused the claim.

Who needs a Nevada Construction Bond?

Construction contracts will stipulate who needs a surety bond and in what amount. It's impossible to finalize the contract without first proving you have a bond that meets requirements, so there's no reason to delay getting one. Viking Bond Service can help you determine if you need a bond, then get you a quote for that bond in as little as 24 hours!

Who are the parties involved in a Nevada Construction Bond?

All surety bond agreements, including all different types of NV Construction surety bonds, involve three parties:

  • Principal - The contractor who obtains the bond and accepts liability for claims.
  • Obligee - The party that hires the principal and files claims seeking damages.
  • Surety - The company that bonds the principal and settles with the obligee.

How to get a Nevada Construction Bond

The process starts by contacting us to go over the contract and determine which program best fits your specific situation. After completing the provided application and submitting to a credit check, supplying a copy of the bond requirements, and giving the surety any other documents requested, you will receive a quote for the cost of the bond, called the premium. Premiums are based on the size of the bond and the bond seeker's credit. Expect it to be a small percentage of the bond total, less for people with good credit and more for those with challenged credit. Take advantage of a special surety bond program from Viking Bond Service that helps more people get approved for affordable bonds regardless of credit.

Why you should get your NV Construction Bond from Viking Bond Service

Contractors and construction companies across Nevada and across America call Viking Bond Service their preferred bonding partner. We can handle all your construction bonding needs. More importantly, we can make the bonding process fast, simple, and stress-free. Whether you need a construction bond one time or many times, it pays to work with a leading surety agency like Viking Bond Service.

Request a Quote for a Nevada Construction Bond

Looking to get a quote for a NV construction bonds? As a trusted leader in Nevada construction surety bonds, Viking Bond Service is here to help. Whether you have additional questions or are looking to get a quote, our knowledgeable construction bond experts can assist. Get more information about all things surety bonds by contacting us or calling 1-888-278-7389.

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