What is the definition of a surety bond? A surety bond, sometimes known as a fidelity bond or an “honesty” bond, is a sort of bailment contract that pays damages if one of the key parties engaged in the completion of the assigned work commits certain defined conduct (s). Depending on the state and transaction, […]
Common Facts You Need to Know About Surety Bonds Read More »
What is Durable Medical Equipment Suppliers Bond? A Durable Medical Equipment Suppliers Bond is a type of security that an organization or individual may require before entering into a business transaction with them. The purpose of the Durable Medical Equipment Suppliers Bond is to ensure that in case there are any disputes or grievances about
Why You Need a Durable Medical Equipment Suppliers Bond (and How to Get It) Read More »
What is a surety bond? A surety bond is a financial instrument that helps third parties accept some risk. They are usually required in various situations, for example, when you want to open a new business or sign contracts with the government. The most common cause of surety bonds is starting a business, but there
Understanding the 3-Party Agreement of Surety Bonds Read More »
What does a Surety Bond protect against? A surety bond is an agreement between two parties. The first party is the surety, who promises to perform on behalf of another party when called upon. The second part is the principal, whose agent the Surety Bonding Company becomes when they are in need of one. A
Are surety bonds based on credit? Surety bonds are not based on credit. In fact, surety bonds have nothing to do with credit whatsoever! Nonetheless, there is a connection between your credit and the premium cost of a surety bond. So let’s take a closer look at what that is. Sometimes it helps to know
Beyond the Score: What Items In Your Credit Report Affect Surety Bond Premiums? Read More »
What is a surety bond? A surety bond also called a fidelity bond or an “honesty” bond, is a type of bailment contract used to pay damages in case of certain specified actions committed by one of the principal parties involved in the completion of the assigned task(s). The requirements for posting a surety bond
What’s the difference between a surety bond and a performance bond? A performance bond is used to ensure that the project is completed according to schedule. A surety bond, on the other hand, is a different type of bond that serves as insurance for you or your firm. It ensures that you are safeguarded against
What Makes a Performance Bond from Other Form of Bonds? Read More »
Is it possible to get bonded if you have bad credit? Yes, even if you have bad credit, you can receive a performance bond. How can you get a bond if you have bad credit? You should contact your local bank or financial institution for assistance and request the form. Fill up the form and
Get a Performance Bond With a Bad Credit History: Is It Possible? Read More »
What are the requirements for obtaining a performance bond? Before any construction or remodeling work can begin, a performance bond is usually required. The goal of a performance bond is to protect the customer in the event that the contractor fails to execute the project according to the contract. A performance bond may be issued
Obtaining a Performance Bond without a Collateral: Is That Possible? Read More »
How much does a surety bond cost? A surety bond is a contract between a person and a bonding company that promises to pay a specific sum if the person fails to satisfy their commitments. In this arrangement, the individual or ‘principle’ promises to work for a business or customer, while the bonding agency agrees