Whether a surety bond is required or not, it is still a wise decision to obtain one as protection for certain eventualities, like claims. A surety bond’s protection, however, is something the Principal and the Surety hope to never use—as … Continued
Arkansas legislators revised a number of requirements for money transmitters through Senate Bill 187. This includes the bond amount that will cover claims made against the bond. Aside from the money transmitter bond amount, the following are a few of … Continued
We’ve been simplifying the surety bond process each year as part of our commitment to provide our clients with the best possible surety bond experience. While it’s true that you can now obtain a surety bond faster than before, the … Continued
Every surety seeks zero problems in all of the commercial bonds that they issue. But suretyship isn’t perfect. Nobody is. Mistakes can happen. And that’s why surety bond claims are made. Since the surety is the one who practically told … Continued
Yes, the principal can. A surety permits the principal to make changes to the surety bond. The principal can have an information updated, corrected, or modified even if the bond is still in effect. Let’s say, for example, you acquired … Continued
Signing an indemnity agreement is a standard procedure when obtaining a surety bond. It is second to the last step in the bond process – just right before the bond is issued. As the word suggests, indemnity means protection or … Continued
If you’ve been searching for some insight regarding the upcoming renewal of your surety bond, you’ve come to the right place. We’ll give you a clear understanding on the different types of surety bond renewals and extensions. We’ll also discuss … Continued
It’s easy to get confused about the sections, wording, or clauses of a surety bond form, especially in the beginning. But it’s important to have a good understanding of it because it contains significantly more features than a typical contract. … Continued
While it’s true that surety bonds are not as intimidating – nor as expensive – as they may seem, it can also be safely said that they’re not the easiest things in the world either. What we meant by that statement is that the same criteria that we … Continued
Surety Bond Update for Small Contractors in NJ with Surety Bond Authority The U.S. Small Business Administration has recently announced the changes made to the Surety Bond Guarantee (SBG) Program which will benefit small contractors in the State of New … Continued