What is a common method for a contractor to secure a project?

Establishing a performance bond is a common and effective method for a contractor to secure a project. A performance bond is a type of surety bond that ensures the contractor will fulfill the obligations of the contract, including completing the work on time and adhering to project specifications. This bond provides financial assurance to the project owner that, should the contractor fail to meet the terms of the contract, the bond can be used to cover any resulting costs, such as hiring another contractor to complete the work.

Using a performance bond also enhances the contractor's credibility and can help build trust with potential clients, as it demonstrates a commitment to professionalism and accountability. In industries where safety, quality, and adherence to timelines are critical, having this bond in place can be a deciding factor for clients when choosing a contractor for their projects.

In contrast, options like providing an unverified estimate, completing a project without a contract, and relying on verbal agreements can expose both the contractor and the client to significant risks and uncertainties, making them less favorable approaches for securing projects.