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 … 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 … 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 about the different types of surety bond renewals and extensions, and how … 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 … Continued
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 Jersey. The amended program – which started on the 20th of September … Continued
Surety bonds are not limited to a specific contract. The scope of the contract guaranteed by the Surety is outlined in the bond form. Each state or jurisdiction has its surety bond form language to enforce the bond lawfully. Bond … Continued
From Basic Laws, Co-Surety Roles to Subrogation Rights In this article, we tackle the surety bond fundamentals – from its basic laws to roles of the co-surety play and subrogation rights to have a deeper understanding of how sureties work … Continued
Evaluating a principal’s ability to perform an obligation is the final step in the underwriting process. Your ability to get bonds starts, and may end, here. To get approved for surety bonds you will need to provide your surety company … Continued