Proving Bonding’s Economic Value
The SFAA recently commissioned global consulting firm EY to conduct a comprehensive examination assessing the economic value of surety bonds. EY found that construction projects protected by surety bonds enjoy lower rates of contractor default, lower cost of completion in the case of default and are finished faster than non-bonded projects. For the typical portfolio of construction projects, the overall value of surety bonds more than covers their cost.
Communicating Bonding’s Value
To help communicate the value of bonding, SFAA created a new communications toolkit that provides clear messaging, compelling facts, and visual illustrations. Use these to educate and inform policymakers and public construction leaders about the vital role bonding plays in public projects.