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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 forms can be obtained at a specific state agency or regulation department. To understand the …
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 (it’s not just about issuing bonds, you know?). But first, we review the laws of …
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 with accurate and timely underwriting updates. And with that, the surety industry has long pinned …
How Does a Surety Evaluate a Principal’s Ability to Perform? Read More »
Once you get into a surety bond contract, you should know that there are five elements that should be present before the law will enforce that guarantee. These elements include competent parties, agreement, consideration, lawful object, and prescribed form. But first, what is a surety bond? A surety bond serves as a written agreement that …
California-based bond provider now offers surety bonds for businesses and individuals in The Natural State Los Angeles, CA, September 23, 2017 – Surety Bond Authority, Inc., a California-based bonding company, has now reached Arkansas to offer its many available surety bonds and consulting services. A surety bond is a means of promising to pay a …
Surety Bond Authority Makes Its Surety Bond Services Available in Arkansas Read More »
State laws have been enacted in recent years which restrict Principals from effecting cancellation or nonrenewal except under specified circumstances. Providing the Surety a written notice that reasons the need for cancellation is helpful for determining if we are allowed by law to do so. For example: In California, there is a state statute indicating …
California-based Surety Bond Company to bring surety bonds and consulting services to The Land of Enchantment. Los Angeles, CA, September 13, 2017 — Surety Bond Authority, Inc., a surety bond provider headquartered in Woodland Hills, CA, is now providing accessible and affordable surety bonds and consulting services to consumers in the State of New Mexico. …
Surety Bond Authority Introduces Surety Bond Services to New Mexico Read More »
Industry Round-Up Blog: Tackling the latest on the new insurance and bonds exhibit, digitization, and sustainable projects exhibit In this monthly industry round-up, we take a look at the new revised AIA conditions as well as commentaries from those in the construction and surety industry. Just as when contractors are getting used to the 2007 …
Revised Conditions of the 2017 AIA Contract Documents Read More »
What role does collateral play in surety bonds? In this article, we take a look at the types of collateral that sureties may accept, the right time to release collateral, what happens to collateral if you change sureties, and why collateral may be necessary for riskier bonds. Collateral refers to a security deposit the Principal …
Surety Bond vs LOC: Which is the BETTER option for contractors? To manage risks in construction projects, surety bonds, and letters of credit (LOC) are used to ensure financial compensation in case of default or failure to fulfill contractual obligations. However, surety bonds have more advantages over LOCs when it comes to the parties involved, …
