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Risk Management Team Provides Timely Performance Bonds

Published February 28, 2023

James Thompson, and our Risk Management team, partnered with John Hudak, to provide a timely performance bond option so their client can continue their municipal development project without time lapse. Performance bonds are important to contractors because they provide a guarantee that the contractor will fulfill the terms of a construction contract. If the contractor fails to do so, the bond issuer will pay the owner or developer a specific amount to the cover the cost of completion or damages. The performance bond gives the contractor a way to prove their financial stability and legitimacy to the owner or developer. Being able to deliver the bond so quickly gives the client a faster completion date and fulfills the obligation to the owner.