Our Surety Bond Solutions

Contract (or Corporate) Surety Bonds

Contract (or corporate) surety bonds provide financial security and construction assurance for building and construction projects by assuring the project owner (obligee) that the contractor (principal) will perform the work and compensate certain subcontractors, laborers, and material suppliers, as outlined via their contract. Contract surety bonds include the following:

  • Bid bonds provide financial assurance that the bid has been submitted in good faith, that the contractor intends to enter into the contract at the price bid, and that the contractor will provide the required performance and payment bonds.
  • Performance bonds protect the owner from financial loss should the contractor fail to perform the contract in accordance with its terms and conditions.
  • Payment bonds guarantee that the contractor will pay certain subcontractors, laborers and material suppliers associated with the project.
  • Maintenance bonds guarantee against defective workmanship or materials for a specified period.
  • Subdivision bonds make guarantees to cities, counties or states that the principal will finance and construct certain improvements such as streets, sidewalks, curbs, gutters, sewers and drainage systems.

Commercial Bonds

Offers bonding solutions required for business operations, including license and permit bonds. Ensures compliance with local regulations and industry standards, providing necessary assurances for business activities.

Commercial surety bonds guarantee performance by the principal of the obligation or undertaking described in the bond. Commercial surety bonds include the following:

  • License and permit bonds are required by state law or local regulations to obtain a license or permit to engage in a particular business (e.g., contractors, motor vehicle dealers, securities dealers, employment agencies, health spas, grain warehouses, liquor, and sales tax).
  • Judicial and probate bonds, also referred to as fiduciary bonds, secure the performance of a fiduciaries’ duties and compliance with court orders (e.g., administrators, executors, guardians, trustees of a will, liquidators, receivers, and masters). Judicial proceedings court bonds include injunction, appeal, indemnity to sheriff, mechanic’s lien, attachment, replevin, and admiralty.
  • Public official bonds guarantee the performance of duty by a public official (e.g., treasurers, tax collectors, sheriffs, judges, court clerks, and notaries).
  • Federal (non-contract) bonds are required by the federal government (e.g., Medicare and Medicaid providers, customs, immigrants, excise, and alcoholic beverages).
  • Miscellaneous bonds include lost securities, leases, guaranteed payment of utility bills, guaranteed employer contributions for union fringe benefits, and workers’ compensation for self-insurers.

 

Frequently Asked Questions

What is a surety bond?

A surety bond is a legally binding agreement involving three parties—the principal, the obligee, and the surety. It guarantees that the principal will fulfill their obligations to the obligee, and in cases of default, the surety covers the resulting losses.

How quickly can I get a surety bond issued?

We strive for efficiency and can often process and issue bonds within 24 to 48 hours, depending on the type of bond and the completeness of the application submitted.

What factors affect the cost of a surety bond?

Costs can vary depending on the bond amount, the type of bond, the applicant’s financial health, and the risk associated with the obligation. After evaluating your specific situation, we provide a detailed quote.

Are surety bonds refundable?

Generally, surety bonds are not refundable once issued as they guarantee performance or compliance. However, a portion may be refundable if bonds are no longer required and can be legally exonerated.

What documentation is required to apply for a surety bond?

Documentation requirements vary by bond type but generally include application forms, financial statements, and details about the obligation or contract needing the bond.

Can I get a surety bond with bad credit?

It is possible to obtain surety bonds with less-than-ideal credit. We offer solutions for various credit scores, though terms and premium rates may vary.

Get a Quote Today

Need a bond fast? Contact us today for a quick consultation and quote. Our experts are ready to help you with all your bonding needs, ensuring swift, reliable, and comprehensive service.

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