Better Than a Paid Bond Claim
Performance and Payment Bonds are required on contracts so a claim can be filed if there are problems. There could be unpaid bills from suppliers of labor or material. Workmanship and / or materials could be faulty. The contract terms may have been violated. There are many things that can go wrong, and the P&P bond is the safety net.
Making a bond claim can be technical and time consuming, but the fact remains - the surety industry pays out millions every year. So bond claims do get paid.
Surety bonds are designed to be cheap protection for taxpayers and other project owners. The system works, which is why bonds are required on nearly all public works projects.
There is another benefit that project owners receive. It exists on all bonded contracts even if no claim is filed. In fact, a "no claim" project is the best example of this important effect.
This effect begins even before the bond is issued. What is it? Let's call it the "F-Factor."
The F-Factor is the result of the structure under which P&P bonds are provided. We called them cheap protection - they are, in relation to the exposure the surety assumes. How do bonding companies make money if they are paid little in relation to the risk they face? The answer is that they are very cautious when evaluating the contractors that apply for bonds. Every aspect of their capabilities is considered so the surety can avoid a loss. This is the all important F-Factor:
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