Surety Bonds
At WMB Insurance Services, we understand the intricacies and risks associated with your construction industry business. Our expertise allows us to create a customized surety bonding program that truly meets your needs.
Common Bonds for Construction Projects
Our surety bonding services are designed to bring measurable benefits that help your business grow and prosper in the changing economic climate. With increased competition in the industry comes the need for optimized business solutions that have both immediate and long-term impacts on your business. Throughout our tenure in the Surety Bonding industry, we have forged close relationships with several carriers who match WMB’s innovation and experience, to create bonding programs that help you navigate the challenging business climate.
Bid Bond
This bond is submitted to the owner with your tender at the bid stage. The bid bond provides financial assurance to the owner that the tender is submitted in good faith. It also provides assurance that the contractor intends to fulfill all obligations outlined in their tender should they be successful in their bid.
Consent of Surety
This bond is also submitted at the bid stage. The Consent of Surety (often called Agreement to Bond or Undertaking of Surety) is a commitment by the Surety Company to provide the required Performance and Labour & Material Payment bonds as specified in the tender documents.
eBond
Electronic Bid Bonds are now being accepted by some owners. We expect the usage of this method of tender security to increase over time, as electronic submission of tenders is becoming more common. We have engaged the services of Xenes Enterprises Inc., utilizing their SignatureMaster© ebonding platform.
Performance Bond
This bond guarantees the contractor will perform their obligations to the owner as specified in the terms and conditions of the contract. The Performance Bond protects the owner from a financial loss should the contractor fail to perform.
Labour and Material Payment Bond
Labour and Material Payment Bonds are issued in conjunction with a Performance bond, and guarantee that the contractor will pay eligible sub-trades, labourers, and material suppliers associated with the project. Eligible claimants are those with a direct contract with the bonded contractor.
Not sure if you need a Bond?
If you aren’t sure if you need a bonding facility, contact us today, and we will guide you through the process.
