A surety bond ensures contract completion in the event of contractor’s default. Contractors who need bonds for their small construction needs can depend on Palmetto to stand by their business for all their surety bond needs. We make the process easy and will establish a working relationship with you and your staff.
Same Underwriting may require SBA Forms to be submitted during the underwriting
A Bid Bond is a bond which provides financial assurance that the bid has been submitted in good faith, that a contractor will enter into a contract at the amount bid, and will provide the appropriate performance and payment bonds. These bonds are used by obliges (project owners) to pre-qualify contractors submitting proposals.
A fidelity bond is a form of insurance protection that covers policyholders for losses that they incur as a result of fraudulent acts by specified individuals. It usually insures a business for losses caused by the dishonest acts of its employees.
While called bonds, these obligations to protect an employer from employee-dishonesty losses are really insurance policies. These insurance policies protect from losses of company monies, securities, and other property from employees who have a manifest intent to cause the company loss.
South Carolina Land Use Construction Inspection Bond
Our SMALL CONTRACTORS PROGRAM allows a Surety to review and approve your contract Bond program for up to 12 months. After reviewing your submission we will contact you quickly. This program allows us to quickly approve the performance and payment Bonds you need. However, we would still need to review a copy of your contract and Bond forms for any specific Bond you may need.
A payment bond covers payment of subcontractors, laborers and materials suppliers associated with the project. Payment bonds are issued for the protection of those supplying labor or materials to a particular bonded project.
A performance bond guarantees performance of the terms of a contract. These bonds frequently incorporate payment bonds (labor and materials) and maintenance bonds. Bonding ultimately aims to protect the project owner from financial loss should the contractor fail to perform the contract in accordance with its terms and conditions.
A payment and performance bond can be purchased together at the same time at a discounted premium.
A payment bond is posted by a contractor to guarantee that its subcontractors, laborers and material suppliers associated with the project will be paid, leaving the project lien free. Payment bonds are issued to protect those that supply or materials to a particular bonded project. They are often required in conjunction with performance bonds.
A performance bond guarantees that a contract will be completed in accordance with the terms and conditions of the contract. These bonds frequently incorporate payment bonds (labor and materials) and maintenance bonds. Bonding ultimately aims to protect the project owner from financial loss should the contractor fail to perform the duties of the contract.
South Carolina Right of Way and Performance Bond (DOT)
A surety bond is required in order to secure a permit for right-of-way work along public highways or other public roadways. The permit may be required for excavation, grading, sidewalk, encroachment, maintenance or other roadway work. The bonds typically ensure work is completed in compliance with specifications and contract documents.
A supply bond guarantees a supplier will be able to provide the materials needed to fulfill the contract between the supplier and purchaser. This bond will reimburse the purchaser should the supplier not complete the terms of the contract.