When a contractor is required to obtain a permit from a city or town for a project many times a permit bond will be required. Permit Bonds are a sub-category of bonding. These commercial bonds guarantee that the contractor will obey all statutes, codes and ordinances required by the local government. Such bonds provide payment to the local government or, in some instances to third parties, for loss or damage resulting from violations by the licensee of the duties and obligations imposed upon him or her. These bonds are required before a permit is granted.
There are several different types of permit bonds, each guaranteeing something unique, and with its own amount of risk in the eyes of the bonding companies. For these reasons the rates vary from bond to bond. The usual cost for most of these bonds is $100. If you have less than perfect credit, or are just starting out and have no credit, please apply for our bad credit surety bond program. This program has higher rates, but allows those who would not typically bonded to get approved.
Not all cities or towns require permit bonds. When you file your paperwork to pull your permit you will find out if a bond is required. These bonds are as a general rule are good for one year and are valid for all jobs in that city or town. If you do work in another city or town you would be required to obtain a new bond for each city or town.
In most cases time is of the essence in obtaining Permit Bonds. When you do business with FIDELITYANDSURETYBONDS.COM you deal with a company that only writes bonds. Our expert staff will get you a bond the same day.
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If you deal with your local agent, bonding is just an afterthought to your local agents business. Most agents are unfamiliar with the bonding. Do not let their inexperience cause you delays because of the specialized nature of the bonding business. At FIDELITYANDSURETYBONDS.COM we have years of experience in dealing with the complexities of getting bonded. Our agents know the "ins and outs" of the bonding process.
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