We often work with contractors that don’t frequently use bonding but need it for one small construction project. In today’s market place, it has never been easier to obtain bonding for these types of situations. With automation and access to information, bond companies are better able to assess the credit worthiness of a contractor.
Small and simple one-off bond requirements can usually be done relatively easy through bond company’s online portals. The information required to submit an application is much simpler and the qualification criteria is based on personal and business credit. This is a big shift as bonding used to be an arduous process regardless of the size of the bond required.