A surety bond is a guarantee. It guarantees that a company or individual will deliver on specific obligations. That company or individual would be called the principal. If the principal doesn’t meet the obligations of the contract, then the beneficiary/obligee will make a claim.
The third party of the deal is the surety. This is the company who would be paying on that guarantee if the principal doesn’t follow through.
Thus, surety bonds increase trust between your business and suppliers, clients, and other organizations by guaranteeing your business’ performance, compliance, and contractual obligations.
Types of surety bonds include:
- Contract/performance bonds
- License and permit bonds
- Lost document bonds
- Estate bond
- Customs and excise bonds
- International surety bonds
- Carnet bonds
- Unclaimed bank balance bond
- And more
Armour insurance brokers can assist you in establishing the correct bonds for your business needs.
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