New Jersey surety bonds are designed especially to give protection to clients dealing with construction contractors. Whether you are a homeowner hoping to remodel your home, a Church minister arranging for the construction of a new meeting house, or a professional architect overseeing the work of a third party construction company, surety bonds are an excellent way to protect you in for the work you’ve contracted.
New Jersey surety bonds are a form of insurance and as such are generally issued by an insurance agency which offers this type of protection. A general surety bond can protect anyone against any failed obligation, and is available in many different styles. You want a surety bond tailored specifically for construction, and issued by a licensed insurance agency that has a strong history of dealing with this type of insurance.
The fact is, if you choose a reliable, professional insurance agency, the chances that you will have to invoke the penalties of the surety bond. However, if there is a problem, and your contractor is considering walking away from the job, the surety bond will protect you from the loss of any payments made to the construction company, damages having to do with a partially completed project, and any other associated expense. This will allow you to move forward with confidence, knowing that these possibilities can be dealt with.