Surety Bond Agency Discloses Features of New Performance Bid Bond Program
A surety bond agency http://www.BondsExpress.com based in Syracuse, NY, unveils new program for performance and bid bonds that is not dependent on credit for approvals.
Syracuse, NY June 24, 2010 – For some contractors, getting a performance or bid bond in place can be a frustrating experience. Performance & bid bonds are required in many cases for a contractor to even be able to bid on a job; and any financial issue that raises a red flag has made it difficult for contractors to be approved for these bonds.
Until now, that is. Online surety bond agency http://www.BondsExpress.com has posted a new performance & bid bond program on their web site that according to the site “is not credit-dependent for approvals”.
For contractors, this could mean the difference in not only whether or not they get a bond, but also how their bottom line looks.
“When a contractor can’t bid on a job because he doesn’t have a bid bond, it’s very difficult to find work. And this affects his bottom line,” says Ralf Rigo, owner of BondsExpress.com.
But while a program like this creates new possibilities for some contractors, others view the program with skepticism. Financial history and credit scores are traditionally a key component of getting approval for a surety bond, and some contractors don’t understand how a surety bond company could offer approvals that are not credit-dependent.
“The way it works is that the surety bond company itself handles most of the administration of funds,” says Rigo. “They pay suppliers and vendors, and remove much of the financial risk because of this.”
The result is less paperwork and administration and more approvals (and therefore more work) for the contractor, according to Rigo.
While the approvals are not credit-dependent, it is important to note that the surety bond company does review all financial data during the course of considering an applicant; however, the emphasis placed on these factors is not nearly as strong as in most surety bond application processes.
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