A surety bond is a legally binding contract ensuring one party keeps its promise to another. If someone fails to keep their promise, a surety company will compensate the party who experienced the loss. Then the party at fault for breaching the contract will have to pay the surety back. Confused? Hey, that’s okay! That’s […]
Tag Archives: surety bond
10
May
May
If you’re a licensed professional, contractor, or business seeking work on a government project, you’ll likely need to purchase surety bonds throughout your career. Surety bonds are typically required by government agencies, financial institutions, and other businesses to ensure that contractors, fiduciaries, and other relevant parties follow their contracts and fulfill their obligations. There are […]