When an licensed electrician is “bonded,” this means that he or she has purchased a written guarantee that their work will be completed on time and professionally. The bond acts like an insurance policy and then insures that the project the electrician starts will be finished to the satisfaction Mechanical Engineering Project Ideas of the customer. If for a good reason the customer isn’t ultimately satisfied with the work performed, then a “claim” is made with the bonding agent, and the customer may be compensated. Of course there is an investigation into the work performed to make sure the claim is above board.
There are several types of “bonds” that an electrical contractor may acquire:
1 – THE BID BOND: A Bid Bond is usually issued as a segment of the bidding process by the electrician to the property owner. This type of bond assures and guarantees that should the bidder be successful, the licensed electrician will execute the contract and provide the required surety bonds. “Surety” in this case refers to the electrical contractor doing the work.
2 – THE PERFORMANCE BOND: A performance bond is issued by an insurance company or a bank and guarantees satisfactory completion of the project by the licensed electrician.
3 – PAYMENT BOND – A payment bond is what can guarantee the owner that the electrician will be paid any money that they are due from a “principal.” So, if the electrician is hired by someone else, and then they do work on your property, the owner (you) can benefit from a payment bond because the electrician and suppliers are guaranteed payment and will continue performance.
To summarize, if the electrical contractor is “bonded,” then there is a really good chance that the electrical project will be finished to your 100% satisfaction. The electrical contractors reputation, and license, are on the line, they want to do a good job, and get good referrals.
One thing that most people don’t know is that these bonding companies (usually insurance companies or banks) charge a significant fee to the electrical How To Hard Wire Smoke Detectors contractor. Some of the smaller electrical service companies will likely try to charge this back to the customer, whether they know it or not.
The bond also guarantees the work of the electrician for as long as that person is living. Therefore, when hiring a bonded electrical contractor, be certain to get the name of the bonding provider and details in case you need it for future reference or claims.
Also, the bonding company keeps a good record of service for the electricians registered with them. It is always a good idea to check references through the bonding company, and see if there have been any complaints registered against the electrician.
The key thing to remember when trying to chose between a bonded or not bonded licensed electrician is this: A non bonded electrician may always be able to do the same work as a bonded one. The bond assures the work under most circumstances, because it’s an outside party providing the coverage. Ultimately it is up to you to determine whether to chose a bonded or not bonded electrician. The one thing that is recommended for certain, is to make sure the electrical contractor you hire is licensed in that particular state, and knows all the electrical codes for the area.
