Contract/Surety Bonds


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Contract/Surety Bonds
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Sureties will examine the three “C”s of your company – Character, Capital and Capacity during the bonding process. Cecil W. Powell & Company provides consulting service for improved terms and conditions including Balance Sheet and Income Statement analysis and Benchmarking, Cash Flow analysis, Indemnity analysis, Credit Capacity vs. your business model as well as Work In Progress analysis.

We will work to improve and continually develop increased capacity to support expanded work programs, planning and the overall growth of your company. We partner with you to help manage your company’s risk.

 

 

Surety Division

Surety & Fidelity Bonding

Bonding provides financial guarantees for business and individuals that protect third parties from suffering a financial loss due to the inability to perform or meet certain obligations. Cecil W. Powell & Company has been doing just that for over seventy-five years with some of the strongest financial carriers in the world. That strength and security is more important now than ever.

Cecil W. Powell & Company offers the following types of Surety & Fidelity Bonds:

Notary Bond

This bond guarantees to the state that commissioned the bonded notary for damage to third persons resulting from the failure of the principal to faithfully perform the duties of a notary public.

Bid Bond

This bond guarantees that if a contract is awarded to the principal, the principal will sign the contract within a specified time after the award and that the principal will furnish the required performance and payment bond.

Performance

This bond guarantees that the contractor will perform in accordance with the contract. In public jobs it may guarantee the payment for materials and labor supplied by subcontractors. In private jobs it typically only benefits the owner.

Payment

This bond guarantees payment to subcontractors or suppliers from the general contractor.

Maintenance

Guarantees the contractor will maintain the quality of his or her work over a period of years. One year (after substantial completion of the project) is built into most performance and payment bonds. If the maintenance clause is for more than two years additional underwriting and expenses are involved.

Supply

This bond is used when a contract is awarded by a public entity to a contractor to supply some type of material and it guarantees the contractor will deliver the goods at the agreed on pricing.

Commercial - This broad category of bonds includes fidelity, tax, loss security, public official, license and permit bonds.  These types of bonds generally guarantee compliance with specific state statutes or obligations.    

The bond department is staffed by a dedicated group of individuals who assist our business clients, attorneys, and financial institutions in writing these financial guarantee instruments.

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These products are sold and serviced by our experienced staff of surety professionals:


Walt Myers
Bond Department Manager
e-mail: wmyers@cwpowellins.com
Direct phone line:(904) 256-0074
Robert Theus
Vice President - Surety Department
e-mail: btheus@cwpowellins.com
Direct phone line:(904) 256-0093



Ben Powell, AFSB, CRIS
Surety Specialist
e-mail: bpowell@cwpowellins.com
Direct phone line: (904) 256-0104

   


 

Annette Evans, ACSR, CWCS
Account Manager - Surety Department
e-mail: aevans@cwpowellins.com
Direct phone line: (904) 256-0082

   
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