Results 1 to 3 of 3
Thread: Performance Bond
-
08-19-2008, 02:58 PM #1
Regular Guest
- Join Date
- Jul 2008
- Posts
- 24
Performance Bond
Does anyone have a performance bond? Can you tell me the secret to getting one? We have applied and been denied. I heard that they were hard to get. What do you have to have or do to get one? Any imformation would be appreciated!
-
08-19-2008, 04:07 PM #2
Professional Member
- Join Date
- Sep 2002
- Posts
- 525
Are you bidding public work? Why were you turned down? Are you a new company? Less than 5yrs old?
-
08-20-2008, 10:26 AM #3
Professional Member
- Join Date
- Mar 2003
- Posts
- 7,249
They should not be hard to get, but you need to find the right broker. A lot of them do not write for construction anymore. In the beginning, you will have a higher rating, say 1.5%, and as you do more work, it may drop to under one percent. You will have to show records of jobs etc in the beginning to get your first bond, and your bonding capacity will not be that much unless you use them over and over. Its kinda like a credit card, where the more you use it and perform, the better your credit is.
Reply With Quote