Surety Bonds
Surety Bonds
Our bond services meet a range of needs as wide and varied as the people of Texas.
The Nitsche Group offers bonds for companies both large and small and can partner with you to find the right level of protection for your business. And with our network of bond providers, we’ve got plenty of help finding the perfect fit for you.
As your surety bond provider, we will care for your business the same way we do our own– with the utmost care and respect. With more than 70 years of helping clients protect their businesses, we have the know-how to find a bonds solution that fits your passion and profession.
Get in touch today and find out why Texans have placed their trust in The Nitsche Group for over seven decades.
Get in touch.
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What Sets The Nitsche Group Apart?
Unlike most agencies —who issue and process bonds as part of their property and casualty service— we have a dedicated in-house Bond Department with specialized knowledge and training to navigate the intricacies of Surety Bonds.
By combining a staff of surety-only professionals, a long list of surety providers and seven decades of experience helping businesses like yours, we’re able to find the right bond for your needs.
Talk to one of our specialized bonding agents today.
The Right Bond for the Right Project
From protecting the public to protecting your business, bonds wear a lot of hats and fill a lot of shoes. Finding the bond that meets your needs without affecting your bottom line can be a difficult task. The Nitsche Group offers a variety of bond services including:
Bid Bonds
Bid Bonds promise compensation to the bond owner if the bidder is unable to meet the terms of the contract. This gives owners the confidence that the contractor has the financial ability to complete the project at the quoted price. The cost of the bid bond varies in regard to the contractual terms, bid amount, and jurisdiction of the project work but will typically require between 5% and 10% of the tender price.
Payment Bonds
A payment bond is a surety bond posted by a contractor to guarantee that its subcontractors and material suppliers on the project will be paid. They are often required in conjunction with performance bonds.
Performance Bonds
Performance bonds replace bid bonds when contractors accept a bid and begin work on the project. The purpose is protecting financial loss to the owner if the standard and quality of the work does not meet the terms in the contract. In the case of poor workmanship, the project owner may file a claim against the performance bond, providing compensation for the cost of correcting the work.
Contract & Construction Bonds
Construction bonds are a type of surety bond utilized by investors when beginning a construction project. With every public and government project, contract bonds or construction bonds are required by the state of Texas. Contractors bidding for construction projects are required to provide a contract bond to protect against potential default or failure to complete a project and it’s specifications.
Understanding Contract and Commercial Bonds
Contract Bonds
- Bid bonds
- Payment & Performance bonds
- Maintenance bonds
Commercial Bonds
- License and Permit Bonds
- Professional Service Bonds
- Fidelity Bonds