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The following article was published in our article directory on February 15, 2014.
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Surety Bonds: An Overview

Article Category: Finances

Author Name: Gemma-Leigh Garner

Getting into business involves a number of risks. With that in mind, security is a very sensitive issue that must always be handled with care and guaranteed. In this regard, there are actually a number of ways through which this can be achieved . One of which is through surety bonds.

But first, what is a surety bond?

What are surety bonds?

Essentially , this is a type of bond that gives assurance or security that a contract will be completed even if the contractor fails to deliver the contract requirements. This way, the money that the investor has put into the project will not be all in vain. There will be a return of investment, one way or another.

In this case, the project owner who is called the obligee will seek the contractor or principal to complete or fulfil their contract. The contractor will then get a surety bond for this. Hence, in the event that he defaults or fails to complete the project and the terms indicated therein, the surety company from which the bond was obtained will then be forced to look for another contractor who will finish all of the remaining works or just give compensation for the financial loss that the project owner has incurred due to the unfortunate circumstances.

Types of surety bonds

There are four basic types of the surety bond. If you are into business, then it is highly important that you make yourself familiar with each of them because in one way or another, you will be dealing with each type along the way. At the same time, knowing them will ensure security not just for you, but your projects and partners as well. This will then make for smooth sailing operations.

One is the bid bond. This surety bond is for the bidder. It will ensure that a bidder on a certain contract will be entering the latter and eventually furnish or provide the necessary payment as well as performance bonds in the event that the contract will be awarded to him or her.

Another type is the payment bond. This time, this type of surety bond works for the suppliers and the subcontractors. The payment bond ensures that they will be paid for the work they render under the terms of the contract they signed.

Then there is the performance bond. As the name suggests, this is all about having a guarantee for the performance or completion of the project itself. Through this type of surety bond, there is assurance that the contract and terms stated therein will be finished as specified.

Lastly, there is the ancillary bond. This type of surety bond is for the project requirements other than the performance or completion aspect. To put it simply, the ancillary bond gives assurance for the performance of all the other points that are integral for the signed contract.

Keywords: surety bonds

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