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Contractors Bonding and Insurance Company, an RLI CompanyRLI  Form

Contractors Bonding and Insurance Company, an RLI CompanyRLI Form

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Instructions and help about cbic returned mail facility

thank you no bonds think again let's get started hey everybody this is Alex Barnett with allene zone.com today I'm gonna give you a primer on payment and performance bonds what are they how do they work how do you get them and why do you need them if you are a contractor so what is a payment and performance bond it's like insurance but not exactly insurance what it does is it's an indemnity product that you get as the contractor to protect the owner and the lender on projects not usually used in residential projects mostly used on commercial private projects or large residential projects almost always used on public jobs so how do you get bonded you need to have a certain amount of collateral in the bank in your business for larger bonds for smaller bonds you only usually need your personal credit many times you can get bonded just on your own personal credit sometimes even up to almost a million dollars of bonding which is amazing if you have great cred

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