THE LAYMEN’S GUIDE TO SURETY
What is Surety Bonding?
Have you heard the expression; “My word is my bond?”
The surety has no desire to pay out on a defaulted agreement and will do its utmost to bring about a resolution. If the dispute cannot be resolved, the surety may be forced to step in to fulfill the contract, after which, they will seek compensatory damages.
Many provincial and federally licensed and regulated businesses require bonds.
#2) Take a city who is tendering a contract to build a new bridge;
The municipality must ensure that contractors quoting the job have the wherewithal to complete the bridge in first place. A bid bond provides this assurance as a successful credit check is required for the surety to issue a bond.
Many governments tendered construction contracts require bonds.
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