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SpinDistribute.com Article Directory

The following article was published in our article directory on March 3, 2014.
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Do You Really Need Surety Bonds?

Article Category: Finances

Author Name: Gemma-Leigh Garner

Surety bonds are, in all likelihood, insurance policies between the contractor, the client and a third party surety company that cover your promise and ability to complete the terms of a contractual agreement. Commercial, manufacturing and service or supply contracts may also require these bonds.

However, in applying for surety bonds, even if all your documentary requirements are in order and submitted, there is still no assurance that an application for them would be approved.

Approval can be had if these bonds companies are confident that you, as the contractor, are qualified to perform the terms and conditions of the contract and the work program successfully, and have the financial capacity to withstand the numerous risks involved in the business, especially construction. You have to consider the enormity of the venture, the need for sub-contractors and even principal partners to undergo a project. Being qualified presupposes that you have a good track record, and that you have the financial capacity not only borne by the bank records. It also includes the capacity and ability to obtain financing when needed. This can also include the ability to partner with one who is qualified and has financial capacity.

Surety bonds are a legal requirement especially with public works projects in the government. So, doing business without one-when almost every business has one-would make you a business pariah. These bonds add credibility to your business and reflect your sincerity in engaging in one. Although it is an insurance, it is the intention of the insurer-bonds company to not let your business fail. Just like a mortgagee-bank which sees to it that loans are paid religiously so that the money lent will continue going from borrower to borrower in as fast turnover as possible, it is not the motive of the bank to foreclose the collateral. It is not easy to sell the same to recoup what it has lent. It is the bank's business to do finance, not trade.

In the same manner, the surety bonds company sees to it that the contractor does not default in its promised job. There is no collateral to foreclose although the surety company has recourse to indemnity. But again, it is its business to continue extending surety bonds to as many contractors as possible. This will be good for the industry and to the economy as a whole.

Although the construction industry is the most concerned about surety bonds, due perhaps to large projects and corresponding risks, other businesses do require bonds as well, like the commercial and manufacturing businesses. These bonds fulfill a legal requirement and the need of businesses to show credibility and sincerity in their dealings.

The hardship that you have to meet in getting a surety bond application approved could be likened to that of the proverbial difficulty for a rich man to enter the heavenly kingdom. You can just imagine how really difficult it will be to first see a surety agent, since most likely these are very busy men with big responsibilities, hence the need for surety bonds producers who will act as brokers between you and surety companies.

Keywords: surety bonds

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