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Bonds

A strong relationship with my insurance broker is very important to me, and Rogers & Young Insurance has certainly established that. As my business has grown, Rogers & Young has been right there with me, meeting my new complex requirements and making sure my business property is protected. Having Rogers & Young as a trusted advisor has given me additional peace of mind and allows me time to focus on continuing to grow my business.

— David Ortega,
Lola’s Market
Lola's Market

Bid Bonds/Payments and Performance

Bid Bond required of a contractor submitting the lowest bid on a project. If the contractor then refuses to undertake the project, the bid bond assures that the developer will be paid the difference between the lowest bid and next lowest bid. The bid bond encourages contractors to make serious bids and live up to their obligations

A Payment Bond is guaranteeing that a contractor will pay fees owed for labor and materials necessary for construction of a project. If these fees are not paid, an owner who has paid the contractor might be confronted with subcontractor's or worker's liens filed against the completed project. If this happens, the owner could end up paying many times the value of the work done. A Performance Bond is a financial tool used to guarantee that in the event of a developer or contractor's default, funds are available to finish the construction project.

Subdivision Bond

Subdivision bonds are different from the more common performance bonds used for construction projects. With subdivision bonds, the owner of the project provides bonds to the public agency to guarantee the installation of improvements that will ultimately be dedicated to the public but paid for by the owner/developer.

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