Guarantee Your Work With Surety Bonds

If you are a contractor or business owner, you are most likely aware of the importance of having surety bonds in Orlando, Florida. As the principal, or the individual who is hired to perform a contractual obligation, you are responsible for providing a surety to the people who have contracted your services. These obligees, or people who have hired the contractor, have the right to a surety in case the contracted service does not get completed.

Surety bonds in Orlando, Florida are commonly used in the construction industry. The Surety is a third party that will guarantee, on behalf of the contractor (principal), that the services will be carried out according to the agreed contract. If there is a breech in contract the surety will pay for the damages and then contact the principal for payment. There are many types of surety bonds, such as:

  • Bid Bonds: if a contractor is awarded a bid, they must enter into that contract
  • Performance Bonds: the contractor must carry out the work that is outlined in the contract
  • Maintenance Bonds: the contractor will provide facility upkeep and repair for a certain period of time
  • Payment Bonds: the contractor will pay for materials and services

These are only a few of the surety bonds available to the principal. When looking for surety bonds, make sure that you find an expert in the field that will provide you with the bond that you need.

Categories: Insurance
This post was written by , posted on November 14, 2012 Wednesday at 5:30 pm

Leave a Reply

Your email address will not be published. Required fields are marked *

eight − 5 =