Performance Payment Bonds

The Brunswick Advantage

Brunswick Companies’ surety bond agents provide responsive, knowledgeable assistance to construction industry professionals. We guide you through the process of obtaining the bonds that meet your business needs. We can do this by offering:

A wide range of companies and products. Working with an experienced bond agent provides an edge in obtaining the best pricing. Mark Levinson, Senior Vice President of Surety, has decades of experience in the construction surety market. His strong relationships with the leading surety bond underwriters and performance bond companies allows us to provide our clients with access to more favorable terms and conditions.

Growing your construction business. By taking a proactive approach to addressing underwriting concerns, Brunswick Companies streamlines the approval process and helps expand your access to surety credit. We work closely with our clients to increase their bonding capacity, staying in line with their expectations for business growth.

Contract bonds are a type of surety bond focused on contracted projects—and often ones owned by local or state governmental agencies. In all cases, the contractor is responsible for getting and paying for the bonds. However, it's a common practice to include the cost of your performance bond in your project bid, passing the cost on to the project owner.

Bid Bonds: Project owners use bid bonds to pre-qualify contractors who submit proposals for contract work. Contractors use bid bonds to show that they’re guaranteed for the bid amount and ready to post the appropriate performance bond when they win the contract.

Performance Bonds: In order to guarantee their adherence to contract terms, contractors use performance bonds. These bonds protect the project owner from financial loss if the contractor breaks the contract.

Payment Bonds: Often obtained with performance bonds, payment bonds guarantee that the contractor will pay subcontractors, laborers, and material suppliers required by the contract, even if they default. Public construction jobs can’t place liens, so a payment bond protects labor or materials suppliers on a public job.

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Performance & Payment Bonds

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The Brunswick Advantage