Bonds Insurance - Florida, MA
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3 Types of Surety Bonds
Plumbers, electricians, and other contractors are trusted to perform a job according to an agreed-upon contract and with a certain level of professionalism. Purchasing the necessary surety bonds proves to potential customers that you take responsibility for your work and that you strive to perform a job according to customer expectations....
What Are Surety Bonds?
Surety bonds are three party contracts between the Surety (usually the insurance company), the Obligee (usually the person/entity requiring the bond) and the Principal (usually the person or entity being required to post the bond). The bond itself is put in place to guarantee that the principal will act in accordance with the terms established by the contract....
Principal Obligations to Bond Obligee
When your business enters into a contract with another party, you promise, legally, to complete a service according to specific guidelines. Failing to complete a contract could lead to legal consequences. Furthermore, your company might have to compensate the client for lost costs associated with the failure....
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