Do you have clients holding Retainage on your contracts?
Release of Retainage Bonds can be a solution to help get your retainage released early and increase working capital in your company. These bonds can be written at the start of a contract, in the middle of a job or at the end of a construction contract. Release of retainage bonds compel the job owner or general contractor to cease withholding retainage amounts, either by releasing with each draw or releasing 100% of the retained contract balance at the end of the job once the retainage bond is issued.
These bonds are typically available for principals who have an established surety program. If you have a surety program or are looking to establish a surety program and start the process of getting release of retainage bonds, please contact our office.