Surety Bonds Phoenix - Contact Us for More Info

Bonds

Surety Bonds

The ability to obtain a contract bond quickly is vital to a construction business in order to remain competitive. Hako Risk & Insurance in Phoenix provides a streamlined approach to getting bonded so you can comfortably bid on projects. We work with contractors looking for their first bond, as well as operations with an established bond history.

OBLIGEE A party that requires the PRINCIPAL to guarantee they will perform work or will meet a financial commitment they have made to the OBLIGEE.
PRINCIPALThe primary party that buys the bond because they must guarantee they will complete their contract or meet a financial commitment made to another party, the OBLIGEE.
SURETY The insurance company that sells the bond, assuring that the OBLIGEE will perform the work or meet the financial obligation of the PRINCIPAL. The SURETY is liable for claims against the PRINCIPAL up to the bond amount.

Bonds

We can provide you with these key contract bonds:

Bid Bonds: This bond guarantees the owner that you will honor the bid and will sign all contract documents if awarded the contract.
Payment Bonds: This bond guarantees that vendors and labor contractors will get paid even if you fail on the contract. Payment bonds make a project more attractive to vendors and labor contractors, since they are protected from doing work without pay.
Performance Bonds: This bond guarantees you will perform the work according to the terms of the contract.
Maintenance Bonds: Sometimes also referred to as a warranty bond, a maintenance bond guarantees the workmanship of a contractor for a given period after the project has been completed. Maintenance bonds guarantee against defective workmanship or defective materials.

In addition, we can secure commercial bonds for you, including License and Permit Bonds; Court, Notary, Probate or Public Official Bonds, and State Professional Bonds; and other miscellaneous bonds to support your business needs.