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MultiContract Annual Performance Bond
Offering security on a blanket basis for qualifying projects

Commonly public buyers, property owners and general contractors hestitate to get performance and labour and material payment bonds on smaller projects for two reasons:

  • Economically it doesn't make sense as the bond premium adds a significant cost to the project.
  • Smaller projects are typically sought by smaller contractors but many of them are unable to obtain a bonding facility

There have historically been 2 types of surety bonds:

  • Contract Surety - Construction bonds which guarantee a construction contract such as bid bonds, performance bonds and labour & material payment bonds
  • Commercial Surety - Annual bonds which guarantee a license or permit typically
We married those 2 distinct types of surety guarantees and created a brand new category which replaces the LOC or Certified Cheque. The Quickbond Annual Bond offers security on all qualifying jobs undertaken by the contractor for that one municipality or general contractor. We discussed the concept with both surety companies, municipalities and contractors in an attempt to satisfy the needs of all parties. We have worked with 2 bonding companies - both in the top 10 bonding companies of Canada. Our firms worked together so the intent of the bond and how claims will be addressed is understood clearly by all parties and we are all members of the Surety Association of Canada.

Benefits for Public Buyers, General Contractors and Property Owners/Managers

  • There is no need for a tracking system to confirm status. We designed this bond to be valid until cancelled. If you don't receive a cancellation notice then the security is valid.
  • Most municipalities are requesting $10,000 in security. Our bond includes a bond penalty of $30,000. Higher bond penalties may be available at a higher cost.
  • By using a bond you are getting coverage during the standard one year maintenance term which you are not currently getting with an LOC
  • Smaller companies will not be prevented from doing work for the municipality which they are entirely capable of simply because the minimum requirements for a standard bond facility are so high.
  • You can offer contractors the option of replacing existing forms of security with a bond

Benefits for Contractors

  • You don't have to hand your money to a municipality for the term of their RFP - whether that be 1 year or 3
  • The cost is $800/year
  • In the case of a claim there will be an investigation to ensure the claim is supported
  • You do not need to qualify financially as you do with a standard bond facility.
  • If you currently have a bond facility this bond does not interfere with it. There is no need for you to move your bonds to us. This is a one-off policy.