Understanding Surety Bonds We’ve already done an in-depth explanation of what surety bonds are, but we’ll sum it up briefly. A surety bond is a three-party agreement, a written contract between the principal, the obligee, and the surety. The document is issued by a surety and legally compels the principal to fulfill contractual services or […]
Category Archives: Surety Bonds
17
Aug
Aug
An instructional school bond is a type of surety bond. Many states require schools to acquire these bonds to ensure their academic institutions faithfully fulfill contracts and agreements. Colleges and private schools often handle large financial transactions and are required to abide by strict regulations. If you’re a dean, private school board member, another college […]
02
Jun
Jun
Construction Bonds 101 [3 Steps to Getting Your First Contract Bond] Many companies do not pursue public work, simply because of the fear of having to obtain a surety bond. Bid bonds, performance bonds, payment bonds, and maintenance bonds are often required on every public construction project. I know this thought of potentially having to […]
02
May
May
“You want to find a contractor that is bonded and insured.” You hear this sentiment echoed all the time, from contracting companies screening new hires to homeowners considering a renovation. And it’s absolutely true. As a contractor, being insured and bonded is a fundamental part of the job description.To compete in the job market as […]
01
Apr
Apr
Surety bonds can be confusing, so we’ve created a comprehensive glossary of terms and definitions to help. It can act as your guide as you navigate the world of surety. As a reminder, a surety bond is a three-party agreement that binds together a surety company, a principal, and an obligee. The surety company provides […]
24
Feb
Feb
Commercial Bonds vs. Contract Bonds: How Are They Different? There are several types of surety bonds. Two of the main categories are contract bonds and commercial bonds, which we’ll cover today. While they have overlapping similarities, they also have some distinct differences that set them apart. Read on to learn when and why you might […]