HCDT Insurance provides the payment bonds that help our construction industry clients meet contract qualifications.
For most Federal, state and local contracts, a payment bond is required by law. Often private contracts also include a payment bond requirement. Payment bonds certify that the prime construction contractor has the financial resources to pay subcontractors, as well as material suppliers.
Like performance bonds, payment bonds are based on an underwriter’s assessment of a contractor’s capital, capacity, and character. HCDT offers clients advice and assistance to make this process as easy as possible and to avoid the problems that can result in the loss of contracts.
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