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The following article was published in our article directory on February 24, 2014.
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Surety Bonds: Pertinent Information to Keep in Mind

Article Category: Finances

Author Name: Gemma-Leigh Garner

Security of investment is not something to be neglected when it comes to investment and business. This is true not just for a project owner or business executive, but also for the contractor or party rendering service or work. In this regard, surety bonds are an crucial tool that should never slip the hands of those getting into business or contracts. But the sad part is, there are still those who forget how beneficial a surety bond is in spite of all the assurance that it has to offer.

To let you know more about this, here are some of the essential points to keep in mind when it comes to this type of bond.

So what are surety bonds?

Surety bond is actually a generic term for bonds. There are various types of surety bond to fit particular needs as well as elements of a project. That is to say, the bidder, contractor and project owner each merits for a particular kind of surety bond. At the same time, the project itself would require a specific type of surety bond.

This bond is usually required when you apply for a certain license for a project. It is also an agreement of three parts. The parties involved herein are the principal / municipality which obtains the bond, the private obligee which requires the bond, and the surety company which writes and provides the bond.

Who requires surety bonds

Private industries, municipalities, states and even the federal government are the ones which require the procurement of a surety bond. They serve as the obligee. This is because the latter serves as an guarantee that the principal or project owner will abide by the laws in the jurisdiction, as well as the policies stipulated in the contract. This is, in turn, to protect itself and the consumers from scams, frauds, low quality service and other things mentioned in the surety bond form.

Surety bond amount

The amount covered by surety bonds can differ for every person who availed of them. Hence, you should be careful when you fill out the application for the surety bond form or application. To determine this, you can ask the obligee itself. There are those which already have a set amount. On the other hand, there are also those which make a calculation based on certain factors such as products sold, gross volume, and customers serviced to name a few.

Surety bond effective date and expiration date

Usually, surety bonds run on a yearly basis. But there are bonds that have a particular date for effectivity or expiration. For instance, in the state of Florida, bonds expire at April. Other States have expiration dates the same as the day of issuance of your license. Make sure that you have this double checked.

If you want to prolong the term of your bond, you can also do so. You just have to pay additional premium.

Keywords: surety bonds

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