Fidelity Bonds
Surety Bonds
Contractor Bonds
Commercial Bonds
Court Bonds
Surety and Bond Solutions to Keep You Working
Whether you run a small construction business or you’re an established general contractor that performs large projects, you want to work with an experienced professional who can help you find a solution that satisfies any surety bond requirements. With Basin Pacific, you get that—and more.
Basin Pacific has long-standing relationships with leading fidelity and surety companies. Our team will do a thorough examination of your business to determine which surety company best suits you.
With Basin Pacific, you can count on service that minimizes paperwork and focuses instead on ensuring a 24-hour turnaround on surety bond requests once your account is established with us. We look forward to being of service.
Some of the Surety Bonds We Offer
Bid Bonds
Performance Bonds
Payment Bonds
Sub-Contract Bonds
Maintenance Bonds
License & Permit Bonds
Subdivision Bonds
ERISA Bonds
Court Bonds
Public Official Bonds
Fidelity Bonds
Other Commercial & Contract Bonds
Surety Bonds In A Nutshell
A surety bond is a three-party contract comprised of the Surety, the Principal (contractor) and the Obligee (owner). The Principal promises to perform in accordance with its contractual obligations. Surety bonds used in construction are called Contract Surety Bonds.
A surety bond is there to ensure project completion within the terms of the contract. If a contractor experiences cash flow problems, the Surety may assist the contractor. If the contractor abandons the job, the Surety may replace the contractor.
Most surety companies are subs or divisions of insurance companies and both surety bonds, and insurance policies are regulated by state insurance departments. However, insurance policies are designed to compensate against unforeseen adverse events. Surety bonds are designed to guarantee the contractor’s contractual obligations. The Surety prequalifies the contractor based on financial strength and construction expertise. The bond is underwritten with little expectation of loss.
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Surety and bonding products
Contract Surety Bonds
Contract Surety Bonds are bonds that the government or an owner of a construction project may require a contractor to obtain. There are three types of contract surety bonds:
- Bid Bond - Affords protection to a project owner (Obligee) in the event a successful bidder will not enter a contract and will not provide the required surety bonds or other security.
- Performance Bond - Provides protection to the Obligee if the contractor defaults on its obligations under the bonded contract.
- Payment Bond - Guarantees that the contractor will pay subcontractor, labor, and material bills associated with the construction project.
Commercial Surety Bonds
Commercial contract bonds are performance bonds in which the Surety guarantees to the Obligee (usually a public entity such as federal, state, or local government, or a private owner) that the Principal (client) will perform its contractual obligations per the agreed upon terms and conditions in the underlying contract.
Most people think of construction (sticks and bricks) when contract bonds are mentioned; however, all types of commercial accounts need contract bonds. We classify these businesses as commercial contractors. The most common commercial contractors are supply contractors such as manufacturers, wholesalers, or retailers who enter into contracts to supply and/or install specific products, or service contractors whose primary business is to perform specific services for another entity.
Miscellaneous Bonds
There are thousands of license, permit, and miscellaneous bond requirements nationwide. These bonds are mandated by various federal, state, city, and local municipalities. In order for an individual or business to perform a particular activity or occupation, or obtain a professional designation, they may be required to post a bond for issuance of a license or permit.
License bonds protect the governing agency and the general public against wrongdoing by the bonded individual or entity. They ensure the principal to the bond will comply with all applicable laws and regulations governing the designation or activity in which they are engaged. Acts of fraud, misrepresentation, and theft are typical actions where monetary claims can be made against the bond.
Check out these recommendations from our current clients!
"Our company has been incredibly impressed with the personable service provided by Jared Haff at Basin Pacific. After dealing with several other bonding agents, we started working with Jared and he was able to more than triple our bonding capacity, allowing us to pursue more opportunities. Jared is quick to respond and get us everything we need. We are very happy to be working with Jared Haff at Basin Pacific!"
"Jared and the team at Basin Pacific have been extremely helpful and knowledgeable from the beginning and through the changes for us here at BnB Mechanical. We would highly recommend Basin Pacific."
Mack
BnB Mechanical