A Community of Renovators and Trades
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Verified™ Pros get a ’fast-pass’ to become a bonded contractor,
to offer your clients our incredible eRenovate Guarantee.
AVOID the stressful, expensive process to apply to obtain a bond as explained below

Here is the typical Bond Application Process

  • Document Preparation
    • Business Financial Statements to reflect profitability of the operation

    • Personal Financial Statement of Officers of the Company

    step1
  • step2
    Application Process
    • Complete a Bond Contractor Application subject to approval from your bank

    • List completed and uncompleted projects as of year end

  • Bank Approval
    • Credit Check of Senior officers.

    • 3 years of Audited Financial Statements by a Chartered Accountant

    • Some Banks require Errors and Omissions, and Directors and Officers Liability insurance (involves more applications, preparing applications to get coverage, reviewing quotes, pay preplacing coverage and paying the premium)

    step3
  • step4
    Financial Stability
    • Working capital of minimum $250,000

    • Listing of Accounts Receivables and Accounts payable per current year end

    • Letter of Credit from bank outlining Line of Credit and security (Collateral Security)

  • Fees and Admin Process
    • Master Surety Agreement,( Indemnities signed by all officers of the company)

    • Turnaround, between 7 to 14 days

    • Admin Fee - $2,500 - $5,000 annually depending on bonding company.

    step5
  • step6
    Legal, Advice, Insurance Requirements
    • Independent Legal advice for directors and spouses

    • Spouse’s signature on indemnities

Or You Can Save the Time and Stress, and...
Here is a real life example of Joe E. Contractor
SAMPLE

A few months ago “Joe E. Contractor” was approached by a potential customer to work on a large renovating project.

Part of the contract requirements were that the Contractor be bonded when submitting a Tender and the contractor was to provide a Bid bond that would guarantee a Performance Bond be issued on award of the contract. Unable to provide the bonding facility, the contractor was unable to bid and lost the project.

After this happened “ Joe E. Contractor” decided to pursue a bonding facility as a sure way to increase trust in his business, and thus revenue.

His business contacted a Bond Facility and it was agreed that a bond could create new sources of revenue. So once Joe. E decided to request a bond, he received a list of requirements.

After 5 weeks of collecting all the documents, the dossier (collection of requested documents) was submitted to the Bonding facility (Insurance Company). After over a week of waiting for a response, the Bonding facility communicated that “Joe E.” Application was not approved; Reasons for being declined were:

Bond Application Declined due to;
• Working Capital under the minimum $250,000
• No Personal Guarantee Provided
• Financial Statements not audited by a CA (Chartered Accountant)
• Contractor Business without required track record

REMEMBER: Verified by eRenovate™ Contractors are automatically entitled to get a Bond for “Deposit Prtotection” and “88 Day Warranty” Guarantee thru eRenovate!

Definition of the Terms “Deposit Refund” and “Maintenance” obligations are as fully described of the wordings of the bond. They are the ones to apply.

Trust is everything, and the Verified by eRenovate™ mark means
instant Trust and Peace of Mind like never before for your clients.
Why make things any harder than they need to be?
Get eRenovate standing behind your business today.

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