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Surety Bonds


Surety Bonds


the surety agrees to uphold—for the benefit of the obligee—the contractual promises (obligations) made by the principal if the principal fails to uphold its promises to the obligee. The contract is formed so as to induce the obligee to contract with the principal, i.e., to demonstrate the credibility of the principal and guarantee performance and completion per the terms of the agreement. Contract bonds guarantee a specific contract. Examples include performance, bid, supply, maintenance and subdivision bonds. Commercial bonds guarantee per the terms of the bond form. Examples include license & permit, union bonds, etc.Surety bonds are frequently used in the construction industry: in order to obtain a contract to build the project, the general contractor (and often the sub-contractors as well) must provide the owner a bond for its performance of the terms of the contract. Conversely, owners and contractors may also provide payment bonds to ensure that subcontractors and suppliers are paid for work done. Under the Miller Act, payment and performance bonds are required for general contractors on all U.S. federal government construction projects where the contract price exceeds $100,000.00. The scope of surety bond insurance includes performance, bid, supply, maintenance, and subdivision bonds. We recognize that choosing the right bond specific to your needs carries its own set of unique challenges, which is why we believe in one-on-one consultations. We will ask a broad range of questions about your bond requirements to better understand the risks you face, as well as the assets you are looking to protect, and we will offer clear advice in selecting a bond from a reputable and service oriented provider. Our approach is very different from what you may experience from a direct underwriter, especially from one whom provides quick quotes online. We build close relationships with our clients to allow us to foresee their ever-changing needs. Please give us a call for a free consultation.


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