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Surety Bonds in the State of Virginia
What can surety bonds do?
- Assure the Obligee that you can meet your contractual obligations
- Assure the Obligee that they will be indemnified if you fail to perform your legal commitments
You will be primarily responsible for fulfilling your contractual obligations. As your surety, we will assume your third-party liabilities once we issue your Virginia surety bond. This means that if a claim is made against your surety bond, we will step in and settle the claim on your behalf. But before we do that, we will first conduct our own investigation to check whether you have committed a violation of your contract or not. This is part of our duty to protect you as well.
Our surety bond application process is easy. Once you’ve applied for your Virginia surety bond, our expert underwriter will perform a risk analysis by checking your job history, credit score, and financial capability. Once that’s done, you will be asked to sign an indemnity agreement. After that, your surety bond will be issued and sent to you.