Performance and Payment Bonds for Federal Government Year-End
September is a very important month for federal government contractors as September 30th marks the fiscal year end for the federal government. This means that they need to spend their budget in a “use it or lose it” mentality. Government contracting officers will be busy putting together projects and putting them out to bid in an effort to spend their funds. This opens the door for federal government contractors to potentially secure a large amount of work to ensure that backlog is strong going into 2019.
You may recall due to The Miller Act, a performance and payment bond is required to be furnished for all federal government projects over $150,000 in contract value. This means that a federal government contractor should have the ability to get performance & payment bonds in all states where they are performing work. Not only that, but there is the importance of having the best bonding program possible in place.
Since the surety bond market is so soft, there is an opportunity to improve on most bonding programs. Surety Bond Professionals can improve on all bonding programs in terms of:
– Helping contractors bid larger jobs
– Offering lower bond rates and saving contractors money on their bonds
– Utilizing an easier process so contractors aren’t busy with annoying bond paperwork
Now is the best time to put in place a bonding program so you can secure performance & payment bonds in CT, MA, NY, NH, and all 50 states! We are here to help you take advantage of the hot construction market and capitalize on the upcoming couple months of federal government work opportunities.