Bonds:
Insurance bonds are normally three-party contracts in which one party agrees to guarantee the act, performance or behavior of a second party to a third party.
We specialize in the following Bonds: Bid Bond: A bond intended to guarantee that the bidder on a construction, supply or service contract will enter into the contract if successful as a bidder. Should the bidder fail to enter the contract, the surety on the bid bond may be called upon to pay the difference between the amount of the principal's bid and the bid of the next lowest qualified bidder.
Fidelity Bond:
An insurance policy which reimburses an employer for losses resulting from dishonest acts of employees. May be written to cover specific employees or all employees, using either a schedule or blanket basis, or by scheduling positions versus named persons.
Payment & Performance Bond:
A bond given by a principal (usually a contractor) to guarantee payment for labor or materials used in the work under a contract. It is basically a surety bond guaranteeing the performance of a contract, usually associated with construction work, but possible for almost any kind of contract.
Surety Bond:
A written agreement wherein one party (the surety) obligates itself to a second party (the obligee or beneficiary) to answer for the default of a third party (the principal) in failing to perform specified acts within a stated time. Such obligations include payment of debts and responsibility for defaults.
Other types of bonds are available. For any specific questions, please contact us.
