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A surety bond is a contract that has three parties involved. If the contract is not executed, then the bond reimburses the party that has suffered damages. Read More »
A surety bond is a contract that takes place between three or more parties, including the party that provides services, the party who receives the services, and a third party who ensures that the contract will be fulfilled by the first party. There are many different types of surety bonds, including both contract and commercial surety bonds, that are primarily used in business to guarantee licensing, union bonds and bids on contracts. Read More »
Property owners, businesses, and municipalities take on a risk when they hire a contractor to perform a project. Surety bonds can provide a way to mitigate that risk. A surety bond establishes a legal relationship between three parties: the principal, obligee, and guarantor. In most cases, the principal refers to a contractor, the obligee to the project owner, and the guarantor to a bond company.
The surety process works to guarantee the project owner that the contractor will fulfill his or her obligation, as well as pay subcontractors, laborers, and other entities associated with the project. This takes some of the financial responsibility off the group undertaking the project. If many contractors are applying for a job, the process can weed out irresponsible parties because surety companies only bond experienced, trustworthy contractors.
Financial assistance from the bond can ensure a project stays on track, while terms can require that the contractor correct any defects after the project is complete. Many companies provide online quotes and applications for surety bonds, which are often approved in just a few days. Business.com is a trusted source of information for individuals interested in options like surety bonding. You can learn more by visiting the links on the left.