Reduce your risk, at no added cost! A performance bond is basically insurance for all involved in a construction project including the contractor, the owner and the lender. At HPM we provide performance bonds for free to qualifying contractors.
For contractors, securing an HPM performance bond provides these benefits:
- Provides assurance to subcontractors and suppliers that payment will be made, potentially leading to lower pricing
- Accounts for project expenditures with validation against the budget
- Includes mediation services in case of disputes
- Provides issuance of year-end form 1099s
Homeowners benefit from HPM performance bonds in these ways:
- Reduces risk through extensive pre-qualification reviews on contractors
- Guarantees that that the project will be completed
- Relieves risk of financial loss arising from liens filed by unpaid suppliers and subcontractors
- Smooths the transition from construction loan to permanent financing by eliminating liens
- Provides mediation services in case of disputes
CONTACT A BONDING SPECIALIST
For more information or for a bond application, please contact your nearest HPM branch.