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Surety, Fidelity Bonds

We can issue most bonds within the same day or within 24 hours for delivery to your facility
We also offer other kinds of bonds?

Any Federal construction contract valued at $150,000 or more requires a surety bond when bidding or as a condition of contract award. Most state and municipal governments as well as private entities have similar requirements. Many service contracts, and occasionally supply contracts, also require surety bonds. A surety bond ensures contract completion in the event of contractor default. A project owner (called an obligee) seeks a contractor (called a principal) to fulfill a contract. The contractor obtains a surety bond from a surety company. If the contractor defaults, the surety company is obligated to find another contractor to complete the contract or compensate the project owner for the financial loss incurred. There are four types of surety bonds:

  • Bid Bond
  • Payment Bond
  • Performance Bond
  • Ancillary Bond

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