Surety Bonds

Surety Bond

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

  1. Bid Bond
  2. Payment Bond
  3. Web Preferred Bond
  4. Ancillary Bond

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