A surety bond is a three-way contract between the surety (the company providing the bond), the principal (the contractor) and the obligee (the project owner). The principal usually applies for the surety bond with the surety and it is to protect the obligee’s interest. Continue reading Contractor Surety Bonds
Payment Bonds – type of surety Bond
by nielsongroup |Payment bonds are a type of surety bond that is required by contractors to guarantee that all parties involved in the project including the subcontractors, material suppliers and workers will be paid, regardless of the project’s completion. The cost of these is based largely upon the contract value of the job, and they should be presented along with performance bonds. Therefore, all contractors who want to find work in their state will need to be eligible for these bonds. Continue reading Payment Bonds – type of surety Bond
Apply for a Surety Bond Online
by nielsongroup |Surety bonds are usually required for contractors to work on projects. Without it, a contractor might not be able to work with project owners, workers, and material suppliers. These are the people who play a significant role in the successful completion of contracted job. Surety bonds protect project owners if the principal does not fulfill their obligations per the terms of their agreement. Continue reading Apply for a Surety Bond Online
Infographic: Factors that Determinethe Cost of Surety Bonds
by nielsongroup |The infographic, “What contributes to the cost of commercial surety bonds,” describes the surety bond premium and the different factors that are considered. The cost of a surety bond varies from one surety company to the next. Continue reading Infographic: Factors that Determinethe Cost of Surety Bonds
Infographic: Why Contractors Need Surety Bond Insurance Companies
by nielsongroup |“Why Contractors Need Surety Companies” is an infographic explainingthe relationship between contractors and surety companies.Bonds, in business, are a guarantee for your customers that you will follow through with your obligations. Continue reading Infographic: Why Contractors Need Surety Bond Insurance Companies