Contract Surety

Joint Ventures Let Companies Share Bonding Responsibility

04/11/2019

Joint ventures are surely more complicated than just taking on a project yourself. But utilizing the skills and aptitude of a joint venture partner can provide great benefit while also mitigating your company’s risk.

As projects cost more and more for companies to complete, the amount it costs to bond these projects rises as well.

Companies like Colonial provide contractors with a line of credit to utilize to meet their bid, performance, and payment surety bonding needs. Large projects might eat up too large an amount of your bonding capacity to adequately bond your other projects as you would need. Joint ventures may provide a means to manage your bonding line of credit. Learn more about joint ventures.

So where can you purchase bid and payment/performance bonds for a project?

Colonial offers the direct and digital way to obtain bid and payment/performance bonds as well as any other surety bonds. We are the insurance company — which means no agent, no broker, and no middleman. We make it easy to obtain your bond. The steps are easy — get a quote online, fill out your information, satisfy underwriting requirements, and enter your payment method. Print your bond from your office. It’s that simple!

Colonial gives you an easier way to manage your bid and payment/performance bonds online. Having your single and aggregate limits in writing allows you to update your work on hand and adjust your bonding capacity in real time.