I'm fairly unfamiliar with these, as we normally stick to residential work.
A builder we work with multiple times through the year is managing a large scale build, and it requires a 5% bid bond and if bid is accepted, a 100% performance bond.
We do about 500k a year in sales, and I had my agent price out the bid bond, to my shock, we were denied the 5% bond (valued at 2.5k). This is not a huge issue as I can just submit the proposal with a cashiers check to cover 5% of the proposal.
My concern is the 50-60k performance bond. My credit score is in the medium range 670-700, and we do 100k in sales a month in the summer months for the past 5+ years with no issues.
Anyone have any advice or have ran into issues with obtaining Performance Bonds? I was going to shop around for them today but thought someone here might be able to point me in a good direction!
A builder we work with multiple times through the year is managing a large scale build, and it requires a 5% bid bond and if bid is accepted, a 100% performance bond.
We do about 500k a year in sales, and I had my agent price out the bid bond, to my shock, we were denied the 5% bond (valued at 2.5k). This is not a huge issue as I can just submit the proposal with a cashiers check to cover 5% of the proposal.
My concern is the 50-60k performance bond. My credit score is in the medium range 670-700, and we do 100k in sales a month in the summer months for the past 5+ years with no issues.
Anyone have any advice or have ran into issues with obtaining Performance Bonds? I was going to shop around for them today but thought someone here might be able to point me in a good direction!