Surety

Contract Bonds/Subdivision Bonds

 

construction1Required instruments of construction contractors who perform bonded work. Guarantees the fulfillment of the terms of contracts for construction of public and private work, for rendering service, and for furnishing supplies.

•  Subdivision Bonds

Developers frequently use surety bonds as performance guarantees for subdivision projects. These bonds are often referred to as “subdivision bonds”, “performance bonds,” “site improvement bonds,” “completion bonds,” or “plat bonds.”

Subdivision bonds are different from the more common performance bonds used for construction projects. With subdivision bonds, the owner of the project provides bonds to the public agency to guarantee the installation of improvements that will ultimately be dedicated to the public but paid for by the owner/developer.

•  Bid Bond

A bid bond guarantees that the contractor, if awarded the job, will enter into a contract with the owner and furnish the required performance and payment bonds.

•  Performance Bond

A performance bond guarantees the faithful performance of the terms and conditions of the written contract.

•  Payment Bond

A payment bond protects subcontractors and suppliers by guaranteeing that all claimants will be paid for labor and materials supplied to the contractor for use on the bonded job.

•  Maintenance Bond

A maintenance bond guarantees that for a stated period, usually one year, no defective workmanship or material will appear in the completed project.

 

Commercial Bonds

 

law1•  License, Permit & Miscellaneous Surety Bond: 

Required instruments of most commercial entities, non-profit organizations, and licensed practitioners. Guarantees compliance on the part of individuals and firms with the laws, regulations, or private agreements to which principals become obligated.

•  Court and Fiduciary Bonds

Surety bond for attorneys and those involved in legal disputes. Guarantees principals will successfully prosecute litigation or reimburse adverse parties for resulting damages.

•  Fidelity Bonds

Provides coverage for your business assets from theft by employees and volunteers. Coverage is available for all employees, volunteers, and non-compensated officers. We also provide name or position scheduled coverage, business service bonds, and ERISA fidelity

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