A 100% Payment and Performance bond will be obtained for all subcontracts over $250,000 and for the following trades; Masonry, Glass, Roof, Mechanical, Sprinkler, Plumbing, and Electrical.
If the subcontractor cannot obtain a bond, either prior to subcontract award or after subcontract award, then the following conditions must be met:
- Joint checks will be made for all suppliers over $5,000.00
- Letter of Credit
- Personal Guaranties will be required of the company owners, financial statements of the guarantors must be submitted for review. These statements will be handled as confidential information and will be used to assist Hubert Construction in determining if the financial strength of the guarantors is sufficient to proceed with contract award or if not sufficient than the non award or the termination of the contract.
Any deviation from this policy must be approved by the President or Vice President of Construction for Hubert Construction. |
