While Orlando surety bonds are more common in the construction industry, they have their uses in several other industries as well. If you find yourself in need of security for work like plumbing, roofing or delivery, then you should consider a surety bond in order to make sure that the work is performed or that the items are delivered according to the supplier. Surety bonds have their benefits to both contractor and client.
Benefits To Contractors
Some of the more important benefits of Orlando surety bonds for contractors are that they are inexpensive and allow contractors more flexibility in terms of guaranteeing job performance since the client has the surety bond to fall back on. This flexibility allows contractors to do more jobs and bring in more money. Another benefit for contractors is that a surety bond can be written in a way that ensures that the client will pay.
Benefits To Clients
Orlando surety bonds make it so that clients will be paid back in a sensible time frame in the event that the contractor does not fulfill all of the obligations contained in a contract. Another benefit is that a company that is bonded is a sign of character and reliability.
Keep in mind that while they may seem like it, surety bonds are not insurance but more of a gesture of good faith with financial repercussions if that good faith is broken.