Louisiana Contract | $5,000 Contract Surety Bond

Also known as: contractor bond

Type of Bond

A Louisiana contract bond is a type of surety bond that is typically required for contractors working on construction projects within the state of Louisiana. It is also known as a construction bond or a performance bond. The purpose of the contract bond is to provide financial protection to the project owner (obligee) by guaranteeing that the contractor (principal) will fulfill the terms and conditions of the contract. It ensures that the contractor will complete the project in a timely manner, adhere to quality standards, and meet all contractual obligations, including payment to subcontractors, suppliers, and laborers. By obtaining a Louisiana contract bond, the contractor demonstrates their financial stability, experience, and ability to perform the work as outlined in the contract. The bond provides assurance to the project owner that if the contractor fails to fulfill their obligations, the bond issuer (surety) will step in and compensate the project owner for any resulting financial losses. In the event of a contractor's default, the project owner can file a claim against the bond to seek compensation for damages. If the claim is valid, the surety will investigate and, if necessary, provide financial compensation to the project owner, up to the bond amount. The purpose of the Louisiana contract bond is to mitigate financial risks and ensure the successful completion of construction projects. It provides protection to project owners and promotes confidence in the construction industry by holding contractors accountable for their contractual obligations.


Program

The price you'll pay for your $5,000 Contract Bond is generally based on your personal credit score. Start a free online quote by just completing a simple app or by calling 888-518-8011. Our experts will walk you through a very simple process. Compare our quote as the very lowest price, and then you're good to go! It's that simple!

We provide all types of $5,000 Contract Bonds. Worldwide Insurance Specialists, Inc. has "in house" underwriting authority with the largest and best Surety (Insurance) companies in the world including, Great American, Liberty Mutual, Philadelphia, Travelers, and CNA Surety. All of these surety bond companies are A-rated under the AM Best credit rating system, and T-listed with the U.S. Department of Treasury. This guarantees that by getting bonded through us, you will be provided the backing of these highly trustworthy and reliable companies.


Application

The application process for a $5,000 Contract Bonds is easy! Many Bonds are INSTANT ISSUE! Easy Application, no underwriting, no credit check, no GIA required. Our NEW Desktop underwriting program provides you with a rapid approval process used to determine the degree of risk that you (the Principle) complete a project or obligation. Non-INSTANT ISSUE quotes can also get instantly approved. Submissions require very little information from you. Once you file and sign an indemnity agreement, we issue the Bond. It's that simple! We quote and issue Surety Bonds of every type and will help you through the entire process. These applications only require basic information about your business, bond type, and ownership structure. Once the application is complete, we submit to the insurance company (Surety) who will then issue your bond. Don't pay too much! Get your Bond Fast, and Easy with the best price! Click here to start the Contract Bond Application process.

The Louisiana Contract Bond amount is currently set at  $5,000.

Obligee Information

An obligee is the entity that is requiring you to have the Contract bond.

Obligee: Louisiana Public Service Commission