Common Surety Bonds:
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A+ company to do business with. No hassle and they didn't try to over charge like another big name bond company that is all over the internet. I will definitely be dealing with this company from here on.
I was extremely pleased with not only the rate I received but the excellent communication. I appreciated receiving a follow up phone call to humanize the experience rather than being bombarded with emails.
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A surety bond (pronounced "shur-i-tee bond") can be defined in its simplest form as a written agreement to guarantee compliance, payment, or performance of an act. Surety is a unique type of insurance because it involves a three-party agreement. The three parties in a surety agreement are:
The principal is an individual, business or other party that purchases the surety bond and agrees to undertake a compliance, payment or performance obligation as promised pursuant to the terms of the surety bond form or agreement.
The surety is the insurance company or surety company that guarantees the obligation will be performed. If the principal fails to perform the act as promised, the surety is contractually liable for losses sustained.
The obligee (pronounced ob-li-jee) is the party who requires and often times receives the benefit of the surety bond. For most surety bonds, the obligee is a local, state or federal government organization.
What does “licensed, bonded and insured” mean? We explain the differences between these three terms and why all three are important for construction contractors.