A financial guarantee that a contractor will complete a construction project according to the bid specifications.
Surety Bonds Insurance is a financial guarantee that a contractor will complete a construction project according to the bid specifications.
A Surety Bond is a legal document created between a principal and an obligee guaranteeing the completion of a contract. Surety bonds require the principal, or the person performing the job, to pay a set amount to be held by the bond company to guarantee the principal's performance. When the principal does not perform according to the stated outcome, the surety bond requires a payment to the obligee for damages, time wasted or other problems associated with an incomplete performance.
A Fidelity Bond is a type of surety bond designed to protect a business owner or hiring party from damage or mismanagement by an employee. Fidelity bonds are typically created to manage long-term relationships and not individual projects. The bond is used to enforce proper dealings and honesty by employees and prevent damage and theft that might occur.
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