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We don’t do bail, court or probate bonds. We FOCUS solely on contract bonds (bid, performance and payment).
We are a PARTNER in the truest sense of the word. We help you determine what you need and then work with you to get it done. We are consistently helping our partners re-cast their financials so that they better match what the sureties need for underwriting. We work with you and your financial team to come to the absolute best decision and then work to implement it.
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Most guarantees are needed for the construction industry. In a typical building bid scenario, a contract surety guarantee is issued to provide assurance to the owner that whoever is being guaranteed will actually do what they say that they are going to do (per the terms of the contract). Usually, this is a performance guarantee, which provides that the contract will perform their job in a satisfactory manner. The other major type is a payment guarantee, where the payments are guaranteed by the surety, whether to a subcontractor or a material supplier.
Quick Tip: Any contract by the federal government over $100,000 requires a guarantee of a contractor’s satisfactory performance.
Another Tip: It is a great idea to have a bond required as part of the bidding process for most building projects. Once you have yours, you have a leg up on the competition. Thus, talk with the building bid supervisor and have this be a requirement; you’ll lose some competition (usually the low-end bidders) this way.
The beginnings of the fidelity business started in London in 1720. The start of contractual law dates all the back to the Code of Hammurabi in 1700 B.C.
Since 1893, anybody wanting to work with the Federal Government on a public works projects must get a bond to guarantee the performance of the agreement as well as payment of all suppliers and subcontractors. This requirement is known in the industry as the Miller Act.
Nearly every state, plus all territories and the District of Columbia have passed similar laws known as “Little Miller Acts.”
Bonds have increased by 35% in recent years in private construction contracts even though the number of overall contracts have decreased by 24%.
Although generally considered similar to insurance, surety is not the same thing. Instead, it is a guarantee and is not designed to cover potential losses. It is akin to Private Mortgage Insurance in that the fee is not designed to be used, but instead is a fee for covering the possibility of a default (sometimes called a known unknown or a black swan event).