Everyone needing a surety bond wants a reliable and reputable surety bond company. There are many surety bond agencies with good online presence, but to find out the most reliable surety bond agency, one should consider the following things: Continue reading How to choose the best Surety Bond Company
A surety bond involves three parties: the principal (the person who has won the project contract), the obligee (person who is the owner of the project) and the surety (the surety bond Company who provides the surety). The principal assures that they will fulfill and complete the project requirement on time with accordance to the contract. The surety bonds specifically used in construction are called construction surety bonds.
People often get confused between a contract surety bond and traditional insurance policies. Although both surety bonds are oftentimes offered by insurance companies and are regulated by state insurance departments, insurance and sureties are used for different purposes. These are the primary distinctions between the two: Continue reading Differences between a Contract Surety Bond and a Traditional Insurance Policy
A performance bond is a type of surety bond used in contractual projects to make sure that the contractor adheres to all the terms and condition of the contract and deliver the work on time. It also makes sure that the contractor does not go beyond the budget and meets the deadline. Continue reading Everything about a Performance Bond
A surety bond is required by the government before they grant a license for any business. If the bond owner commits any fraud, the bond company pays to the obligee the amount of damages incurred up to the bond amount. Continue reading 3 Important Things You Need To Know About a Surety Bond