[Replay: Best of the Built with Billd series]
In the construction industry, surety bonds are put in place to ensure a project is completed within the terms of the contract.
Contractors who are eligible for surety bonds have greater opportunities to win state, federal, and municipal construction contracts.
GC's typically look for subcontractors that are bonded because it adds an additional level of verification on their previous work history.
What factors go into qualifying for a surety bond?
Strong balance sheet, positive cash flow, availability of working capital, and job performance; to name a few.