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A Payment Bond is required by a project owner, known as an Obligee. They are normally requested by governments, local, state, and federal, governmental agencies, private project owners, and in the case of subcontractors, many prime contractors. The Obligee requires the bond because they want a guarantee that the suppliers, subcontractors, and laborers on a project will be paid in full and on time. An Obligee will also require a bond so they know a contractor is capable of paying for work and supplies on such a project because an unbiased entity has reviewed the contractor’s experience and financial standing and has concluded that contractor is fit to provide such payment.
In many cases, the Obligee will provide the bond form in a package with the contract. It is very important to review this document because not all surety bond forms are the same. The ProSure Group recommends, if possible, to use an AIA A312-2010 Payment Bond. The American Institute of Architects (AIA) collaborated with members from various industry groups including contractors, attorneys, surety bond producers, engineers, and insurance agents to provide this bond form as an industry standard, representing fair and balanced interests for all users.
As surety bond experts in business for over 23 years in Florida, The ProSure Group has issued many thousands of Payment Bonds and has partnerships with more than 30 different surety companies. From day one, The ProSure Group has specialized in providing surety bonds for the construction industry. This ensures that we match you with the best surety to fit you along with the best, most competitive pricing and terms available in the marketplace. Not only can we provide you with all of your bonding needs at low prices, but we can also say that with our assistance we can help you increase your bonding capacity and in turn help you grow your business. If you have any questions please do not hesitate to call us at our toll-free number 1-800-480-3883.
Depending on your bond needs, this is what you will usually need to submit to obtain a payment bond: