Offenhauser & Co. has had a dedicated bond department to help clients obtain the first bond or expand their surety credit. As a National Association of Surety Bond Producers member, we focus on our client's success with financial statement analysis, construction contract review and management practices. Representing top surety companies (some shown below), Offenhauser provides bonds to a wide range of businesses with varying credit. Whether it's a $100k utility contract, a $150MM stadium expansion or international oil and gas, Offenhauser is the bond agent for your business.
Surety guarantees your performance and protects your reputation for success. See below for descriptions of some common bonds.
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Contractor Performance and Payment bonds stand behind the contractor’s promise to:
Perform the work according to the contract’s terms and conditions and pay subcontractors, laborers and material suppliers.
We negotiate Bid, Performance & Payment Bonds for contractors from “First Bond” to $100 MM or more.
Contract bonding is a three party contract among the owner, contractor, and surety.
There is a broad range but generally four types: license and permit; court; public official and miscellaneous.
Required by certain federal, state or municipal governments as a prerequisite to receiving a license or permit to engage in specified business activities. They guarantee that the principal will comply with applicable laws and regulations.
Bonds may be required in court proceedings, such as when a litigant seeks a special right or remedy in advance of a final court decision. The bond guarantees conditions if the opposing party incurs damages as a result of the privilege, or that the privilege was unjustified. Fiduciary bonds guarantee that the individuals or legal entities appointed by the court to oversee the property of others will execute those duties in good faith and are held accountable. An example is a probate bond.
Public Official Bonds are often required of a Notary Public, Sheriff, Deputy Sheriff, Constable, Jailer, County/City/School Treasurer Bonds, Court Clerk, Loan Closing Attorney, and FHA Schedule Bonds, that guarantee proper performance. Professional service bonds guarantee proper performance of a professional, generally licensed.
Common in oil, gas and mining, these bonds guarantee compliance with the operation of oil or gas wells and mines, in particular closure. Common bonds are plugging and abandonment, reclamation, right of way, permit, performance and excise tax.