Bid Bonds
FSB Agency, Inc. makes it easy for construction contracting professionals like yourself to assure clients that you can perform the promised work. Providing bid bonds and indemnity agreements can enhance the reputation of your business, signaling your commitment to fair and transparent bidding practices. Learn more about the benefits of bid bonds during an obligation-free initial consultation with one of our team members.
With our help, bond approval can take as little as one day. Contact us at (954) 589-1631. We look forward to working with you to help you secure reliable bid bonds.
How Do Bid Bonds Work?
Bid bonds are the legal and financial guarantee provided by a contractor (the principal) and backed by a surety (usually an insurance company) to indemnify or protect the project owner (the obligee) against any loss because a contractor fails to honor the terms of the bid.
If the winning contractor fails to sign the contract or provide the required performance and payment bonds, the bid bond ensures that the surety will compensate the project owner for the difference between the winning bid and the next highest bid, up to the bid bond amount. Project owners can also claim any additional costs incurred in selecting and awarding the project to the next eligible bidder.
When a contractor submits a bid for a project, a bid bond is often required to ensure the contractor is capable of completing the contract at the bid price. In Florida, bid bonds are legally required for all public contracting projects.
Essentially, bid bonds are a form of financial protection for the project owner, ensuring that the bidding process is fair and that contractors are held accountable for their bids.
Do you have questions about the benefits of securing bid bonds and indemnity agreements for construction projects? Book a risk-free initial consultation with our certified agents to learn more about our surety products and how they help protect your ability to do business.
What Sets Us Apart From Other Bid Bond Companies?
Like other bid bond companies, we hold the mandatory State of Florida Insurance 220 License. Where we stand out is our priority of building trusting, one-on-one relationships with you, ensuring we understand each project’s unique demands and challenges.
Our team goes above and beyond to provide tailored solutions that meet and exceed your expectations. We offer a level of flexibility unmatched in our industry, adapting our services to fit the ever-changing demands of construction projects and market conditions. We’ve also embraced technological advancements, leveraging the latest platforms to streamline your application and approval process, making it more efficient for you to obtain the bonds you need to secure your next project.
Our combination of personalized service, flexibility, and innovation distinguishes us in the marketplace, making us the preferred partner for contractors seeking reliable and forward-thinking bid bond solutions.
Call FSB Agency, Inc. to Speak to an Established Surety Bonds Broker
FSB Agency, Inc. is proud to be a surety bonds broker for local construction companies. We’re dedicated to providing the valuable bond services required to move your building projects forward and help your business reach its goals.
Contact us at (954) 589-1631 to learn more about the advantages of working with our certified bond brokers.