Labour & Material Bond designed for all contractors.
- Electronically apply for your bond facility
- Secure business approval online
- Receive digital bonds when possible
- Reliable surety providers
We offer Labour & Material Payment Bond for projects or tender with such requirements. Get a comprehensive contract bonding services for a range of projects, contingent upon the availability of a bond facility.
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Labour & Material Bond designed for all contractors.
Numerous bonding firms often reject applicants who don't meet their strict underwriting criteria. Not Us. We work in partnership with you to explore solutions that result in securing your approval.
While physical copies are still a requirement for many bonds, we actively minimize paper usage by offering digital versions of bonds and surety riders whenever possible.
While we engage with global surety enterprises for our bond guarantees, our origins are rooted in Canada.
You tell us what you need
We compare multiple quotes
You get the best coverage
A Labour & Material Payment Bond is a type of surety bond that provides a safety net for subcontractors and suppliers involved in a construction project. This bond guarantees that these subcontractors and suppliers will be paid even if the principal contractor fails to fulfill their payment obligations. In the event of default by the principal contractor, the surety company steps in to ensure that the owed payments are made to the subcontractors and suppliers. This bond is typically requested in conjunction with a Performance Bond and is often sought at values of 50% or 100% of the contract price.
A Labour & Material Payment Bond is a crucial safeguard for construction projects and often needed for projects in the public sector. It ensures that subcontractors and suppliers involved in the project will receive payment even if the main contractor defaults on their payment obligations. This bond provides financial protection for these parties, ensuring they are compensated for their services and supplies, regardless of the contractor’s financial difficulties. By having a Labour & Material Payment Bond in place, you demonstrate your commitment to fair and responsible project management, fostering trust and positive relationships with subcontractors and suppliers. This ultimately contributes to the smooth progress and successful completion of your construction project.
The cost of Labour & Material Payment Bond relies on the rates set by your Bond Facility and the scale of the contract required for the bond. The established rates for such bonds typically span between $4 and $25 for every $1,000 of the contract value.
The capability to secure various contract bonds, including a Labour & Material Payment Bond, is included within an annual subscription known as a Bond Facility. These subscriptions generally fall within the range of $1,500 to $5,000 per year.
Apply any time and get the right protection for your projects and tenders today! Please note that completing our application does not cost anything or require you to proceed with the bonding once a quote is provided – customer service is our priority.
We offer access to a standardized array of surety bonds, including:
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