Our bonding team specializes in contract and commercial surety bonds for tradesmen, contractors, real estate developers, wholesalers, and individuals. Our strong relationships with some of the leading surety carriers separate EFGI from the pack.
We are known both for our responsiveness and for our ability to accomplish the impossible. Our bonding expertise allows us to write and issue a variety of bonds.
Together our goal is to create a readily accessible bonding program that is easy and efficient to utilize, allowing you and your company to grow.
Surety Bond
A surety bond is an agreement under which one party, the surety, guarantees to another, the owner or obligee, that a third party, the contractor or principal, will perform a contract in accordance with contract documents or fulfill the obligation according to the agreement.
Construction Bond
A construction bond is guarantee by a third party (insurance carrier or surety) to finalize construction in accordance with the terms of the contract in the event the contractor fails to perform according to the terms of the contract.
The following outlines the types of Construction Bonds
Bid Bonds
Provides a financial guarantee that a bid has been proposed in good faith. When a surety issues a bid bond to a contractor, they are assuring the contractor will enter into the contract at the bid price. It supports that the contract is qualified for the necessary Performance and Payment bonds.
Payment Bonds
Guarantees the contract will pay the suppliers, laborers, and subcontractors involved in the project.
Performance Bonds
It is required by the obligee (owner) to insure against loss in the event the contractor (principle) is incapable of performing the contract according to its terms and conditions.
Maintenance Bonds
Guarantees against faulty workmanship and materials for a specific period of time.
