Utah Contract Bond
Utah contract bonds, also known as Utah construction bonds, are a category of surety bonds that provides a guarantee that a contract will be fulfilled. While they are used in a range of circumstance, they are most commonly used in construction projects.
Who Needs a Utah Contract Bond?
Utah contract bonds are most commonly required by government agencies for work on a public construction project, but more private companies are requiring the bonds, too. Therefore, nearly every contractor will be required to obtain a Utah contract bond at some point.
Why Do I Need a Utah Contract Bond?
Contract bonds provide assurance that the project developer will recover any financial losses if the contractor doesn’t complete a contract. Since the term “contract bond” refers to a category of Utah surety bonds, there are many types of contract bonds that may be required at different stages of a project to ensure it is completed according to the contract.
How Much Does a Utah Contract Bond Cost?
The cost of a Utah contract bond will vary depending on the type of surety bond required for your roll in a project. Additionally, Utah contract bonds are subject to underwriting, and therefore are dependent on the credit score of the contractor. Those with good credit may find premiums as low as 1% of the bond.
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