experts to handle a variety of your surety needs.
Why should you consider this product?
- Bonding can be a complicated and confusing topic. We understand the importance of a strong bonding program and can help you understand how they work and how to get the most out of them
- We offer bonding solutions for large and mid-sized businesses
- We provide you with the contract, commercial, and fidelity bonding expertise and help you develop a program that best fits your business needs
A surety bond guarantees someone will perform work as specified in a contract, or that someone will make an agreed-upon payment to another party.
Typically, bonds are required for state, local, and federal construction projects to help safeguard the public funds used for the projects. Examples include Bid Bonds and Payment and Performance Bonds.
These may be required to obtain a license or permit in many cities, counties, states, or other political subdivisions. They may be required for a number of reasons, including the payment of certain taxes and fees as a condition to granting licenses for selling products such as motor vehicles or contracting services.
This type of bond will protect against dishonesty and lack of faithful performance by a public official. Statutes and ordinances require these bonds.
ERISA is the 1974 federal legislation that created a requirement for a bond to be posted by the fiduciary in the amount of 10% of pension funds and profit-sharing plans.