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Question DetailsAsked on 1/21/2012

Bud
what is a bonded contractor

in a contracters profile page it is stated that, this contractor is Bonded and insured.
what does bonded mean?

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2 Answers

0
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See the attached blog on this topic. They have explained it quite well. There are instances where a bonded contractor is the best to use but remember that their rates will have to be a bit higher to compansate for their added costs. Also, it's not as easy to get the bond money as is sometimes advertised. In the event you try to claim the bond you will have to produce evidence, typically at your cost, that the work was insufficiently performed. That's why it is very important to thoroughly check out your contractor before hiring him. There is some added peice of mind with an insured or bonded contractor but you'll have to do the leg work if the relationship goes south.

http://www.jwsuretybonds.com/blog/wha...

Todd Shell
Todd's Home Services
www.thomeservices.com

Answered 7 years ago by Todd's Home Services

1
Vote

For a contractor to become bonded, they have to be quite strong financially. Bonding is basically an insurance policy that insures that the contractor's work will be completed even if they go bankrupt, or the owner dies, or whatever. Large construction projects often require that their contractors be bonded.

Bonded contractors will usually charge more, especially for smaller projects, because they're used to making bigger money on bigger projects.

Answered 7 years ago by JGHamm




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