Union City, New Jersey has enacted a new resolution at its recent Board of Commissioners meeting, changing the type of bonds issued by the city to construction companies. The city is now requiring performance bonds; they previously required bid bonds.
Union City has determined that issuing performance bonds have a stronger guarantee that the construction company will adhere to contract terms and conditions. Learn how they guarantee the project will be done properly and on time.
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.