Reynolds & Rodar Insurance Group Inc. has been providing bonding products in New Mexico for over a century. Unlike other products, surety bonds are unique products that are only available through select providers. You can trust our experienced team members to walk you through your surety bond options, as well as the entire process. Reynolds & Rodar Insurance Group can help you become pre-qualified for a bonding program so you can bid on projects knowing your bonding requirements will be handled.
Surety bonds have a wide range of uses and benefits. This type of bond can be used to help facilitate business, support economic growth, and act as a safety net for customers and businesses. There are several types of surety bonds, each with specific purposes and benefits. We understand that deciding which kind of surety bond is best for you can be confusing, which is why we are dedicated to helping you and acting as a resource of knowledge for you to rely on.
Reynolds & Rodar Insurance Group Inc. offers a variety of surety bonds. Three main types of surety bonds include:
- Performance bonds – These guarantee that a contractor will adhere to the terms and conditions of a contract. The winning bidder upon the award of the contract submits this bond.
- Payment bonds – These are typically issued alongside performance bonds since the two are so closely related. Payment bonds are another type of contract bond, which guarantee that a contractor will pay suppliers, subcontractors, and workers for labor and materials.
- Bid bonds – These bonds are used as a form of security for bids submitted on a contract, and guarantees that the bidder will execute the contract at the bid price upon the award. This type of bid is rejected if security isn’t submitted.
In addition to these options, Reynolds & Rodar Insurance Group Inc. can also provide license and permit bonds, fiduciary bonds, commercial bonds, service bonds and financial institution bonds. When obtaining a bond, the credit score of the business owner and other financial information are key factors that are taken into consideration. Learn more about your options Reynolds & Rodar Insurance Group Inc. can offer you by calling our Santa Fe office at 505-983-4353 today.