Quick Question - Bonds

Wensdy

can someone tell me how bonds work in relation to
a huge project with a company?

1KingOfDrywall

If the contractor asks for one............just get it...lol
Ok let me get serious here....Being insured is one thing, you should always carry general liability, but a bond sometime requires 10% to be placed down. Back when I started I didn't Carry a bond per say, but I advertised I was because I would just get bonded on an as needed basis. In my opinion getting bonded on a residential project is rare....I never came across that. But when I started bidding on larger commercial projects, one job had it listed on their bidding criteria as a requirement. depending on the amount you need bonded for and your personal credit situation, I heard people paying way less than 10% down. Like that old saying goes.....cross that bridge when you get to it.
If no one is asking you for it right now don't worry about it, but if a local union or something is asking it of you than call your insurance company and see where they take you.
Good Luck.
Ps Good Credit and a clear criminal background makes them extremely easy to get