Nevada Surety Bond Types
Nevada is the home of Las Vegas, a city where a multitude of hotels and attractions are constantly being constructed. The construction industry is one of the America’s most heavily bonded industries. This is due to the large amount of liability that can occur if a construction company participates in fraudulent activities or makes other unethical business decisions that can cause harm to others. For these reasons Nevada’s state government requires virtually all contractors and construction companies to be bonded.
There are many different types of contractor and construction bonds available, but if you live in Nevada one you might be required to get is the performance bond. This bond guarantees that the contractor pays the subcontractors and material suppliers for the work they do. Whoever wins the bid for the contract submits this bond. If the contractor fails to fulfill his or her obligations, then all injured parties can make a claim up to the bond’s full face value. If the claim is determined to be a valid one then the contractor must reimburse all injured parties. Businesses don’t like to break their bond contracts because they may have to pay retribution in the full face value and then deal with a tarnished reputation.
Your Nevada Surety Bond Company
If you think this extra layer of protection is something you’d be interested in securing for you business, look into both you local and state rules and regulations regarding bonding to see what kind you might need. If you discover that your specific type of business doesn’t have to be bonded don’t worry, you can still take advantage of all the great opportunities offered by a surety bond. Getting bonded when you aren’t required to is a smart business decision. Customers feel more confident when doing business with bonded companies because they know their services have an extra guarantee of legitimacy.
Applying for a surety bond online is quick and easy as long as you have gathered all the necessary financial documents. No matter what type of bond it is, the application process takes only a few minutes, and you can get a quote back in just a couple of days. If at any point in the process you need assistance, feel free to contact a surety bond specialist. Once you’ve been issued your bond in the great state of Nevada, both you and your customers will feel more confident about your business.