What is a statutory bond?
A Statutory Surety license and permit bond, as the name implies, means that it has to follow what's laid out in some sort of statute or law. It can be used for anything from construction projects and land use changes to delinquent tax payments! Find a Houston Sign Removal Bond.
Copperas Cove, TX-Statutory Performance Bond
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What’s the Difference between Statutory and Conventional Bonds?
A statutory bond is controlled by the language, intention and meaning of the documents themselves. Unlike a conventional bond, which may be qualified in any lawful manner to fit your needs better than a statutory one can. Here's a Houston Sign Erection Bond.
Why is a Statutory Bond required?
Statutory bonds are the type of bond used by contractors when working on publicly owned buildings. For these types of projects, there is typically a payment and performance bond that acts as insurance in order to protect both parties from potential lawsuits due to non-payment for work done or lack thereof. Read about Lubbock Contractor’s Compliance Bond.