COVERING ALL YOUR CONSTRUCTION BOND NEEDS & MORE
Construction Bonding Specialists, LLC offers a variety of surety bonds. Below you will find a list of common bond options that is NOT all-inclusive. If you don't see the bond type you are looking for, call 248-349-6227 or email info@bondingspecialist.com us, and one of our specialists will help find a solution that meets your needs.Fast and Easy Bonds: We are pleased to announce a new program allowing us the ability to assist Contractors with Bonds on Contracts less than $350,000, based on a three-page application with no financial statements. The underwriting is solely based on the individual owner's personal credit history. Restrictions do apply. Please call or e-mail us for more details.
Bid Bond: A bid bond is required for a contractor bidding on a construction project, informing the project owner that the contractor can secure a bond if they are the low bidder.
Performance Bond: A performance bond is issued between two parties to guarantee that a job is completed.
Payment Bond: A payment bond is often used in conjunction with a performance bond. It is a bond that is posted by a contractor to ensure that his subcontractors and material suppliers on the project will be paid.
Maintenance Bonds/Warranty Bonds: A maintenance bond is required in order to protect the owner of a completed construction project for a specific time period against flaws in materials and workmanship if issues arise.
Vehicle Dealer Bond: A vehicle dealer bond is a type of insurance that dealers must obtain before opening their business. This bond protects customers against fraudulent or unethical actions by a dealer.
Subdivision Bond: A subdivision bond is typically purchased by a landowner or developer when upgrades and/or changes are required by a local government authority. It guarantees the work is completed according to the terms set forth in the agreement with the city, township, or municipality.
Lien Bond: A contractor or other professional who has supplied labor or materials for work on a property and has a payment dispute can make a lien claim against that property. Construction liens are designed to protect professionals from the risk of not being paid for services rendered. Remedies vary from state to state and can differ depending on whether that property in question is real property or personal property.
Mortgage Broker Bond: A mortgage broker bond is purchased to protect a customer from any illegal or unethical activities performed by a mortgage broker. A mortgage broker bond is required for all mortgage brokers before obtaining a license.
Appeal Bond: An Appeal Bond is supplied by the appellant (plaintiff) who appeals the court's judgment and is usually in the original settlement amount (though it could be more). Referred to as a safety net bond which helps protect the court from frivolous appeals that cost the court time and money, an appeal is always posted by the losing party in a court case.
Contractor License Bond & Permit Bond: A contract license or permit bond involves three parties: the obligee, the principal, and the surety. It is a promise that the surety makes to pay the obligee if the principal fails to fulfill their statutory requirements. Cities, states, and municipalities typically require these bonds.
