The Infographic, “Surety Bond Companies: Types of Surety Bonds,” explains the various types of surety bonds and why they are useful.
One of the primary purposes of a surety bond is to protect project owners when hiring a contractor. The process usually begins when the project owner opens their project open for bidding. The contractor files for a Surety Bond from a surety company to assure the obligee (the project owner) that they have the resources available to complete the project.
If for any reason, the project is not completed according to the terms of the contract, then the obligee will be compensated for the amount promised in the Surety Bond. For more information on the process, refer to the infographic below.
Surety bonds are often required in State and Federal projects for many industries, especially construction. A number of private project owners also require a surety bond. It is important that the bond is bought from a reliable surety company with the means to support the project in question. Here is a step-by-step guide on buying surety bonds Georgia. Continue reading How to Apply for Surety Bonds
If you are doing business in Georgia, chances are you will eventually have to get some type of surety bond. From private businesses to federal projects, surety bonds are often required to take on certain projects. In Federal or State projects, the bonds are put into place to protect the State’s and the public’s interests. Continue reading Surety Bonds in Georgia
People often make the mistake of comparing companies that issue surety bonds with insurance companies. While both entities provide security and financial coverage to individuals/organizations, they differ greatly. Continue reading The Main Differences Between a Surety Bond and an Insurance Plan
A surety bond is a promise by the surety company to pay the obligee a pre-decided amount of money if the principal fails to meet a certain obligation. The principal is the person who buys the bond from the surety company and must have a bond to do some type of work with the obligee. Continue reading What You Need to Know About Surety Bonds in Florida