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.
Find out which surety bond you are required to buy: The easiest way to do this is to ask the project owner, or the obligee. Take a note of the terms of the bond form, the time period and the penal sum. Bond companies are diligent of long-term bonds or those with high penalties.
Have your personal and business information ready: A surety company will ask for details like addresses, names, and social security numbers of the business owners, license copy, and business and personal financial records. Ensure that the financial records have been updated and when required, can be easily audited.
Find a surety company: Most surety companies are branches of insurance companies, though there are also independent operators. You can approach a surety broker who acts as liaison between surety companies and applicants. Most surety companies have websites where you can fill out your application. All you must do is read the conditions on surety bonds Georgia carefully, fill the form, and pay the required amount.