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Surety Bonds

SURETY BONDS

Bonds For Contractors

 

In general, all surety bonds involve three parties. The surety (in this case, typically the insurance provider), the contractor (you), and the owner (the business or individual that you will be doing work for). Most surety bonds focus on having the surety guarantee the owner that if you fail to deliver on your contract, that the surety will reimburse the owner for any financial issues this creates. Surety bonds can also include guarantees that the contractor will be legally obligated to amend any issues that are their fault that eventuates from their work after the fact.

Contract Bonds For

 

  • General contractors
  • Subcontractors
  • Service contractors
  • Heavy-equipment contractors
  • Suppliers
  • Manufacturers

Types Of Contract Bonds We Provide

 

  • Bid Bonds
  • Performance Bonds
  • Labour and Material Payment Bonds
  • Maintenance Bonds
  • Consents of Surety
  • Prequalification Letters

Pre-qualification Letters

 

While not an actual legally enforceable bond, pre-qualification letters can help you secure jobs. Your surety provides the letter to a prospective employer (owner), assuring them that they vouch for your business and work.

Bid Bonds

 

Bid bonds are designed to protect the owner, assuring them that if you were to secure a contract with them you’d be obligated to finish the work or payout. However, this does help increase your likelihood of securing jobs.

Maintenance bonds

 

 If applicable, this insurance policy protects you by ensuring the contractor will resolve any defects that may arise (for example, to your vehicles) free of charge and, if they don’t, you will be compensated for those defects.

Contractors Surety Bonds

 

As noted above, the key purpose of a contractor’s surety bond is that the owner who contracted you is assured that if you happen to not finish your contracted job, they will be financially reimbursed.

Bonds For Commercial Use

 

Commercial surety bonds are used as a guarantee for fiduciary obligations, governmental legislation, and private contractual obligations of the applicant. Bonds can be sold to companies or individuals to satisfy government regulations or court orders as well as to replace lost share certificates.

 

These types of bonds are typically part of licensing processes and are requirements for companies and specific individuals to protect consumers against fraud or misrepresentation.

 

 

A commercial surety can be classified in all of the following categories:

 

  • Custom and Excise Bonds
  • License and Permit Bonds
  • Fiduciary and Estate Bonds
  • Lost Instrument Bonds
  • Carnet Bonds

Other Types Of Bonds We Provide:

 

  • Fidelity Bonds
  • Canadian Custom Bonds
  • US Custom Bonds
  • Compliance Bonds
  • Brokerage Bonds
  • Home Bonds and More

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