Definition A bond program is a pre-arranged agreement that gives contractors ongoing access to surety bonds without restarting the full underwriting process each time. In effect, it’s like having a “line of credit” specifically for bonding. Once approved, you can quickly draw bonds for new jobs instead of beginning from scratch every time. Why Contractors […]
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What Is an ERISA Bond? An ERISA bond (also called an ERISA fidelity bond) protects employee benefit and retirement plans from losses caused by fraud, theft, or dishonesty. It’s required under ERISA Section 412 for anyone who handles plan funds or property. Think of it as insurance for your 401(k) or benefits plan against insider […]
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What Is the SBA Surety Bond Program? The SBA Surety Bond Guarantee (SBG) Program helps small and emerging contractors qualify for bid, performance, and payment bonds when they might not meet standard underwriting requirements. The SBA guarantees up to 90% of the bond, allowing sureties like ZipBonds to confidently approve more contractors. 2024 Program Updates […]
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Payment and Performance Bonds Explained: Fast and Simple with ZipBonds If you’re bidding public projects, you’ll need these two contract bonds. Learn what they are and how to get them FAST. What are payment and performance bonds? Performance Bond: Guarantees project completion for the owner Payment Bond: Ensures subs, suppliers, and workers get paid Who […]
