Surety Bonds
What is a Surety Bond?
A surety bond ensures contract completion in the event a contractor defaults. A project owner (oblige) seeks a contractor (principle) to fulfill a contract. The contractor obtains a surety bond from a surety company. If the contractor defaults, the surety company is obligated to compensate the project owner for the financial loss.
4 types of Surety Bonds
- Bid Bond
- Payment Bond
- Web Preferred Bond
- Ancillary Bond
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