Getting to Know Surety Bonds

surety company in New Jersey

Working with a contractor on a big project can feel a bit scary at times. Giving up control means acknowledging that something could go wrong. This fear is normal and historically grounded, as a Mesopotamian tablet dating back to 2750 BC contains the earliest record of a suretyship. In the present age and thousands of miles to the west, finding a solid surety company in New Jersey is as important as ever.

Types of Bonds

When choosing a bond, you may have to consider the liabilities inherent to your project because every project has its own unique risk. Below are a few of the more common types of surety bonds:

  • Labor and Materials Bond
  • Bid Bond
  • Performance Bond
  • Maintenance Bond
  • Payment Bond

Each of these bonds guards against different risk factors. For example, the maintenance bond offers a guarantee that, for a limited time, mishaps occurring after completion of the project will be covered. With the help of a professional surety company in New Jersey, you will be able to choose the bond best for you.

Time Crunch

Working with a contractor means adhering to a schedule, which means that pinpointing the right bond must happen within a given time frame. Therefore, it is important to find a solid surety company in New Jersey that can help you find the right bond for the least amount of money. In the end, a surety bond is a sure-fire way to find peace of mind in an otherwise stressful time.