Contract Surety

Pre-Bid Due Diligence is a Key for Contractors

04/11/2019

Evaluating subcontractors and material distributors in a construction project while having clear, quality contracts can be the difference between making profits or suffering a loss. That’s why it’s so important for contractors to do due diligence on project participants while also making sure that all contract documents are clear and have all terms of the project laid out. Learn more at mondaq.com.

Having a subcontractor default on a project can cause delays. So can not being able to receive a quantity of material necessary. So can confusion over what exactly you have to do on a project. That’s why taking the time before bidding on a project can make all the difference in the world.

Spend a little time now to sort out these terms and participants now instead of a lot of time later and risk having a bond claim against you.

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.