Bonds Quote Forms
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As the principal, obtaining a surety bond prior to working with a new project owner displays business integrity and financial stability. To get a surety bond, principals must apply and meet certain standards set by a surety company. Being rewarded with a surety bond from a top quality surety company is a testament to your business strength. Think of a surety bond as a line of credit. If you can’t complete a project, the project owner can then tap into that line of credit to finish the project as necessary. Surety business bonds are a three-party agreement.
The three parties involved include:
The principal, which is the contractor, organization or employer providing the work.
The surety company supplying the bond.
The obligee, who is the project owner.
For a project owner, surety bonds can be a lifesaver.
Even if a terrible tragedy prevents a principal from fulfilling a contract, the project must still be completed. Working with a principal that possesses a surety bond can provide peace of mind that, no matter what, your job will get done.