Benefits for the employer / client:
- They guarantee the original bid; everything from workmanship to materials, costs to timelines, bids are used to provide an employer with a guarantee of the quality of the work of a contractor
- They encourage contractors to take responsibility within a given timeframe; if work is not completed to an agreed standard, or faults occur within a set period, contractors will be given an opportunity to rectify the issue, and /or employers will receive an agreed fee contributing towards any costs
- They guarantee the quality of the workmanship and materials
- They encourage timeliness and performance; ensuring that the contractor delivers on time and to the contract and importantly, paying out if losses are made / costs incurred from a contractor becoming delayed
- They protect against losses; whether from a lost deposit if a contractor defaults or from other losses associated with delays in the project or repair costs for example.
Benefits for the contractor / your business:
- They boost client confidence; by providing a bond, there is a contractual and financial guarantee that the project will be delivered as expected
- They make it more likely you will win a tender; by showing your commitment to a project and your capability to deliver on it
- They provide assurance to subcontractors, who know that you are committed to the project and will work with them. It also helps provide confidence that they will be paid
- They are often mandatory, and a requirement of being awarded a contract. Having the ability to obtain a bond quickly can improve your bottom line, helping you to win large-scale projects.
Call The Channel Partnership today on 01275 817320 to discuss your surety bond needs.