westfield contract surety bonds
Understanding contract surety bonds
- Contract surety bonds are generally used for the guaranteeing of construction contracts and the supply of furnishings and materials.
- There are three parties involved with a contract bond: the project owner, a contractor and a surety.
- The surety guarantees the project owner that the contractor will fulfill its obligations as outlined within the written contract.
- As a contractor, your surety provider may play various roles, including advisor, advocate, and conflict manager.
Before you do anything, read the information below to learn more about contract surety bonds and Westfield.
Common types of Contract Bonds
A bond that guarantees performance of the terms of a written contract. It protects the owner from financial loss should the contractor fail to perform the contract in accordance with its terms and conditions.
A bond that ensures that the contractor will pay specified subcontractors, laborers, and materials suppliers associated with the project.
A bond that offers protection in the event of faulty or defective materials, even after a project’s completion for a specified time period (similar to a warranty).
A bond that ensures a bidder for a supply or construction contract will enter into the contract within the stipulated timeframe if the company wins the bid.
A bond that ensures a supplier will produce the supplies or materials specified in the contract. If the supplier were to default, the bond protects the purchaser from any losses.
Why Choose Westfield Contract Surety
- Our company is T-Listed and A.M. Best rated, “A”, delivering the capacity and financial strength to support your bonding needs.
- We know your business and we’re committed to helping it mature and grow profitably.
- We assist in finding creative solutions to your problems.
- From the small landscaper, to the heavy highway firm, to the large general contractor, and anywhere in between, we bond a broad range of contractors, regardless of type or size.
- We have contract surety professionals that live and work in your community and are active advocates for your industry.
- We offer value added Peer Review services to help you gauge how you compare financially to others in your industry.
WesExpress® is our rapid response, credit-based program providing bid, performance and payment bonds for small and emerging contractors or contractors with infrequent bond needs.
Westfield Surety Claims professionals deliver guidance and expertise to our agents, customers and underwriters throughout the surety claim process.Read More
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WESTFIELD QUICK FACTS
- We're one of the largest non-public companies in Ohio and the largest employer in Medina County.
- We provide personal insurance in 10 states, commercial insurance in 21 states and surety products in 50 states through a network of more than a thousand leading independent agencies.
- We've sponsored the Cleveland Cavaliers Straight "A" All-Stars since 2005.