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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 a Certified Self-Insurance Liabilities Bond in October of 2015. Since a Certified Self-Insurance Liabilities Bond …
Can a Surety Bond Principal Have a Bond Modified? Read More »
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 compensation for any loss. But who is the indemnity agreement protecting? At first glance, it …
What You Should Know About Surety Bond Indemnity Agreement Read More »
The construction industry is expected to experience healthy economic times. Construction spending, for one, continuously grows according to the Department of Commerce. In fact, construction spending grew to $1.257 trillion late last year. Not only that, the Bureau of Labor Statistics confirms that the construction industry is generating substantial employment by opening 30,000 new jobs. That’s great news for many contractors. Small-scale contractors, …
4 Types of Problems Small-Scale Contractors Face – Which One Are You Currently Having? Read More »
Much has been said about the key players of a surety bond, the process of obtaining a bond, and the role a surety bond plays in a specific industry or business. However, the issuance of a surety bond is not the final stage in the bonding process. Both the Principal and the Obligee need to verify its authenticity in order to prevent …
State statutes require contractors working on public projects in the United States to post different types of construction surety bonds. One of the most available and common types of surety bond is the Performance Bond where it guarantees that the contractor completes the project according to the specified contract. However, there is a bit of …
Retention Bond vs Performance Bond: What’s the Difference? Read More »
In construction, especially for most government development projects, surety bonds will be required for companies even for preliminary bids. Federal or state projects require contractors to acquire construction surety bonds for the development or repair of any structure or public work. In our latest blog, we have rounded up industry-related news and expert tips from …
Construction Surety Bonds: Creating Opportunity for Small and Medium Size Contractors Read More »
A construction development project can be a high-risk endeavor and requires a carefully developed plan of action to ensure the terms promised will be executed correctly and fairly for all parties involved. When starting a construction development project, the earlier construction claims prevention methods are discussed, the easier it will be to mitigate the situation …
Construction Claims Prevention: How To Protect Yourself From The Start Read More »
Surety bonds cover an extremely wide range of needs and purposes, especially when it comes to the global exporting industry is no different. Each year, millions of dollars in product and services are shipped internationally. In order to protect their investments, buyers will often require exporters to acquire a performance bond before finalizing any trade …
Performance Bonds for Exporters: How Surety Bonds Protect Purchasers Read More »
Construction surety bonds serve a multitude of purposes, from reinforcing building standards to ensuring payments are made in full in regards to a specified contract. While it is true there are a variety of reasons for specific surety bonds, it is not widely known that some surety bonds are actually put in place to benefit …
Construction Surety Bonds: How They Benefit The Environment Read More »
Surety Bond Authority Launches Company to Make Surety Bond Process Simple November, 30th, 2016 – Woodland Hills, CA Surety Bond Authority, Inc., announces the launch of our new Surety Bond Company. Initially, Surety Bond Authority is offering its services in California, with plans to expand nationwide. “I’ve been working with the surety bond industry virtually …
