Wortham’s surety bond practice is among the largest
in Texas. Handling the bonding requirements for more than
200 firms, our team is well recognized for its extensive
knowledge and experience in both the construction and
energy industries and other businesses that require the
use of surety bonds. Our clients include general contractors,
construction managers, highway contractors, subcontractors,
developers and many others. We also deal with various
regulatory bonds required of exploration and production
companies and other energy firms.
At Wortham, we pride ourselves on taking the time to
understand our client’s business goals, challenges
and unique bonding requirements. Our clients benefit
from Wortham’s strong relationships with every
major surety carrier in the U.S., giving us superior
access to the marketplace to offer substantial capacity
for our clients.
The standard types of surety bonds that we offer include:
- A bid bond that guarantees the bidder on a contract
will enter into the contract if its bid is accepted.
- A payment bond which guarantees payment from a party
(typically a contractor) to persons for materials and
equipment for use in the performance of a contract.
- A performance bond that guarantees a party will perform
the contracted obligations in accordance with the contract
terms.
- Regulatory plugging and abandonment bonds such as
those required by the Minerals Management Service and
state political subdivisions.
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Many
insurance brokerage firms only see problems when a client
needs special attention to solve an unusual transaction.
Not Wortham. We see opportunities to be innovative and use
our problem-solving expertise. For example, a Wortham client
was asked to submit a proposal on a multimillion-dollar
project in Latin America. However, the requirement of a
pay-on-demand bank letter of credit presented several difficulties
for the client. On the verge of declining the new venture,
the client approached the Wortham surety bond team for a
possible alternative. Working closely with our long established
contacts in the country, our group negotiated a surety bond
with more favorable terms in place of the letter of credit.
The result: Our client landed the project, which was
met with great success. And the Latin American country was
so pleased with the Wortham solution that it now routinely
accepts surety bonds in lieu of letters of credit for new
ventures. 
