Surety Bonds
What is a Surety Bond?
A Surety agreement is a three party agreement that is a legally binding contract between the bonded principal, Obligee, and typically an insurance company (the surety company). Government regulations and agencies often require organizations to issue licenses or permits. Surety Bonds protect and ensures ethical business practices, public safety, complete projects, guarantee payment or to guarantee performance and comply with regulations.
General Contractor Bonds
Contractor license bonds are legally binding agreements between contractors, surety companies, and Obligees to guarantee compliance with state and local regulations.
Appeal Bonds
An appeal bond is money placed in holding while an appeal is being decided. An appeal bond is supplied by the appellant who is appealing the lower court’s judgment and is usually in the amount of the original judgment .
Performance Bonds
Contractors often need to provide a performance bond to ensure they complete the project as agreed. If they fail to do so, a surety company will compensate the requesting party for any losses.
Faulkner Surety & Insurance
Surety Bonds
Why Do I Need A Surety Bond?
Benefits of Having a Surety Bond
Surety bonds are essential for businesses and construction projects, providing financial security and increased trust. They guarantee quality work, reduce risk, improve budget control, and enhance competitiveness.
What Does A Surety Bond Guarantee?
A surety bond involves three parties—the principal, the obligee, and the surety—and guarantees the principal will fulfill contract obligations to agreed standards and comply with laws. If the principal fails, the bond compensates the obligee for losses up to its total value.
Process of Obtaining A Surety Bond
Begin by identifying the specific type of bond you require. Next, your desired bond. Once you find the bond required.
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