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Pinnacle Surety Maneri-Agraz Case Study
Synopsis: We go the extra mile for you. Here’s a true case study
on how we helped a client get the bond they needed for a
lucrative government contract. Maybe we can help you as well.
Contact us to see.
The Situation: You’re a profitable, but relatively new specialty
subcontractor who has had several major assignments with Fortune
500 companies, but has done little if any government contract
work. Now you have a potential $2.5 million subcontract through
Honeywell for the Federal Government. Only one problem – you
have to get a payment and performance bond in order to satisfy
government regulations. Because you have no track record for
large bonds, every inquiry you make is met with “NO, NO, NO.”
The Story: Maneri-Agraz is a three year old energy efficient
lighting subcontractor whose principals have over 4 decades
experience in energy efficient solutions. Their focus is on
commercial, industrial, and food & beverage clients. Companies
that they have assisted include Honeywell, Gatorade, Quaker
Oats, and Tropicana.
But they had done only one job requiring a bond – a relatively
small $300,000 project for the Johnson Space Center through
NASA. Now they had a chance to do a $2.5 million subcontract
with Honeywell for the Federal Government. They had to get a
payment and performance bond. John Maneri explains, “None of the
surety companies we contacted were very responsive. They didn’t
return our phone calls and had no sense of urgency. All we kept
hearing was no, no, no. Then a friend got us in contact with
Pinnacle. We called Eric Lowey on a Friday afternoon and he
explained what paperwork we needed to give him. We worked on it
that weekend, sent it to him on Monday, and by Thursday we had a
solution. A week later we had an even better arrangement.”
The initial solution for the bonds would have required
Maneri-Agraz to put $250,000 into an escrow account through
which all the funding and payments would be channeled. But
within a week, Pinnacle had found an alternative that, while
still requiring an escrow account, eliminated the need for tying
up the $250,000 of capital. As John Maneri noted, “I still don’t
understand why it was so easy with Eric.”
Maneri-Agraz signed the contract with Honeywell, got the
necessary bond, and is now in the process of completing the
remaining government security requirements in order to begin
work.
The Solution: Why not contact us to help you get the bonding
solution you need for your company.
We can also be
reached at:
714-546-5100 or 1-800-815-7774 |
You can also email us
at steph@pinnaclesurety.com
or if you prefer
please contact
us by filling out the form below.
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