What is bonding
Being bonded means that the contractor you are hiring has bought a surety bond. This is an insurance policy that protects you from any risk or damages related to the job that you are hiring them for. Therefore, if the contractor does not complete the job as agreed, the bond will compensate you for the loss.
This bond also protects you, if for instance he does not comply with other obligations agreed to, like paying suppliers, subcontractors among other financial requirements as agreed upon at the beginning of the job.
What is a bonded contractor
They usually pay a premium for surety firms. Therefore, before hiring, ask them for their bond number as well as certification.
Also, take note that the requirements needed to be legally perfect, differ based on where you live. So do your research to know these requirements before hiring a bonded contractor. You can start with contractorbond.org.
The reason why you should work with a bonded contractor
Hiring the right contractor assures you that your warranty claims are protected. This protects you from poor workmanship, hence making it easier for you to file a complaint in the civil court. However, if they are not legally attached they will not take full responsibility for their actions.
Here are reasons why you should hire a bonded contractor for your project.
1. They make sure that the project is done systematically
Only a bonded contractor can know how to complete a project. They know how things are done since they are professionally qualified for the job. This means that it is always better to hire someone who has been in the system long enough to know how things are always done and will always be done.
Take note that it is not always easy, and that is why it is not cheap to get them. So as a potential employer, know what and how they are supposed to pass the system in order to be accredited before hiring. Otherwise, you will not know the quacks from the real deal.
2. They are bound to meet all the requirements of the city and government
When it comes to building or renovating big projects, it is always better to know the city or government requirements for any project. This way when you get to hire the project contractor that can meet all the requirements without procrastinating anything.
Besides, when you hire, you will not have to worry about inspections, since you did everything as per the book.
Moreover, this can also help you sell a building or home easily, and at a better price. Potential buyers often ask for the necessary permits before even inspecting the homes or buildings. So if you did not go ahead for agreement for your project, you will not be able to show any potential buyer anything.
3. It gives you insurance over your project
What this means is that, when you are hiring, you are assured that the contractor will always take full responsibility for any damages may happen during the building or renovation of any project.
This is great news, especially if you have a big project, with a specific budget in mind. The responsibility is not just for the project damages but for any kind of injury that may occur during the construction. For instance, if people get injured at the construction site or your house/building, and by chance, you hired a right person, then they will be the ones to incur the hospital fees and not you.
In conclusion, deal with professionals who have been in the system long enough to know how things are done just by a look. Otherwise, it is always better to deal with accredited people, institutions and even public services, than to rely on a new system that is just after quick money making.