A Surety Bond is a three-party agreement whereby the surety guarantees to the obligee (the entity the guarantee is made to) that the principal (the contractor or manufacturer) is capable of performing the contract and/or bond obligation in accordance with the contract documents and/or obligation.
Here are the eight different families of surety bonds:
- License and Permit Bonds
- Contract Bonds (Bid and Pay/Performance Bonds)
- Notary Bonds
- Highway Permit Bonds
- Union Wage/Welfare Bonds
- ERISA Bonds
- Radiological Material Licensee Decommissioning Financial Assurance Bonds (USNRC and Agreement States)
- Closure/Post-Closure Bonds and other related Bonds (EPA and State EPA Agencies)
VIP Risk Solutions, Inc. offers free, comparative quotes on surety bonds from multiple sureties so you can get the best possible rate.
We also us Surety2000 to issue bid bonds electronically to obligee entities who subscribe to Surety2000.
Want to see how much we can save you? Just request a quote to find out.
January 27th, 2019 by