Performance Bonds
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Via Jess Jonason
Reed Maglio's insight:

Registering for surety bonds assists in ensuring the investments of a company. Surety bonds are usually regarded as a form insurance when actually they're not. Surety bonds protect the obligee, while insurance protects the company or the business.

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Bernard Depalma's curator insight, July 25, 2014 1:10 AM

Hence, the contractor will compensate for any loss of the owner or would continue the task until the needs are met. Usually, bankruptcy is the main cause precisely why projects are left uncompleted.

Floyd Cottone's curator insight, July 25, 2014 1:12 AM

In USA, utilizing surety bonds is important in all projects of the government and private sectors that have a minimum contract worth of $150,000. Service contracts and supply contracts could also have to be backed-up with surety bonds.

Jess Jonason's curator insight, July 25, 2014 1:14 AM

Having performance bonds, ensures the project owner or the property owner for the completion of the project and also the owner won’t must pay further costs. Thus, to assure that the project will be finish smoothly, invest on surety bonds.

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Via Bernard Depalma
Reed Maglio's insight:

In terms of securing the completion of business projects, surety bonds are extremely important. It is necessary for companies to make the most of surety bonds. This ensures that the contractor will finish the project based on the deal.

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Bernard Depalma's curator insight, July 25, 2014 1:10 AM

Project owners make use of surety bonds referred to as performance bonds to ensure that the contractor will accomplish the project on the date that's specified in the agreement.

Floyd Cottone's curator insight, July 25, 2014 1:11 AM

To guarantee safe investment, you should think about registering for surety bonds. Surety bonds are usually mistaken as a form of insurance. Surety bonds protect the obligee, while insurance protects the company or the business.

Jess Jonason's curator insight, July 25, 2014 1:13 AM

It is also stated in the contract that he must perform all that is required to complete the whole project. The usual cause for the contractor’s incompletion of the project is bankruptcy and this is exactly where the surety comes in; paying for the owner’s losses.

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Via Floyd Cottone, Robby Oatman
Reed Maglio's insight:

To stay away from major financial losses, most project owners opt for surety. This is because they know that it is common for contractors to not accomplish a specific project due to bankruptcy. No person can claim the payment from the performance bonds other than the property or project owner, and this can only be achieved if the work is defined in details. 

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Bernard Depalma's curator insight, July 25, 2014 1:10 AM

Performance bonds are also necessary to guarantee that the tax payer’s investment is in good hands. If by any chance the total performance isn't done as the contract has stated, performance bonds will be utilized.

Floyd Cottone's curator insight, July 25, 2014 1:11 AM

Bonds are the deductibles themselves while an insurance has a separate deductibles. With insurance, if you have a claim, you will pay for the deductible and the company will cover the rest. While in bonds, you will be the one to settle the amount equivalent to your claims. 

Jess Jonason's curator insight, July 25, 2014 1:13 AM

Nobody can claim the payment from the performance bonds other than the property or project owner, and this can only be done if the work is defined in details.  

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Via Marybelle Tompkins
Reed Maglio's insight:

This is a form of surety bonds that ensures the contractor will provide the adequate completion of a project. Performance bonds are also required to guarantee that the tax payer’s investment is in good hands.

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Bernard Depalma's curator insight, July 25, 2014 1:09 AM

In the United States, all government projects which have a minimum of $150,000 contract would demand a surety bond, even private sectors need this. Moreover, there are times that service deals and supply contracts are needed to secure surety bonds.

Floyd Cottone's curator insight, July 25, 2014 1:11 AM

The good thing is that project owners can rely on surety to compensate for their possible losses. So long as the project details are written thoroughly in the agreement, the property or project owner, and no other party in the performance bonds, can claim the payment or the payment.

Jess Jonason's curator insight, July 25, 2014 1:12 AM

There are three parties involved in a surety contract and the very first party is the Principal who purchases the bond to assure the finalization of the project, this of which is typically the project owner or other professionals.

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Via Floyd Cottone
Reed Maglio's insight:

There are cases where contractors fail to do just what are required in the contract. This is the key reason why surety bonds are necessary. 

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Bernard Depalma's curator insight, July 25, 2014 1:10 AM

Performance bonds are also necessary to guarantee that the tax payer’s investment is in good hands. If by any chance the total performance isn't done as the contract has stated, performance bonds will be utilized.

Floyd Cottone's curator insight, July 25, 2014 1:11 AM

Bonds are the deductibles themselves while an insurance has a separate deductibles. With insurance, if you have a claim, you will pay for the deductible and the company will cover the rest. While in bonds, you will be the one to settle the amount equivalent to your claims. 

Jess Jonason's curator insight, July 25, 2014 1:13 AM

Nobody can claim the payment from the performance bonds other than the property or project owner, and this can only be done if the work is defined in details.  

Rescooped by Reed Maglio from Performance Bonds
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United Surety Bonds - Bid & Performance Bonds

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United Surety Bonds
Reed Maglio's insight:

Having performance bonds, assures the project owner or the property owner for the finalization of the project and also the owner won’t need to pay additional costs. Therefore, if you are anticipating on certain project, then invest on surety bonds to ensure its convenient completion.

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Bernard Depalma's curator insight, July 25, 2014 1:09 AM

 The third party is the one who is accountable of establishing the bond and in assuring that the overall financing of the project is available. She or he is called the Surety. 

Floyd Cottone's curator insight, July 25, 2014 1:11 AM

Surety bonds are beneficial particularly that there are instances wherein the contractors, who enter in a contract, failed in accomplishing the contract as per terms and condition. 

Jess Jonason's curator insight, July 25, 2014 1:13 AM

If by any chance the total performance isn't done as the contract has stated, performance bonds will be utilized. These bonds oblige the contractor to pay for the project owner if he cannot complete the project on time.

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Via Fayette Dudek
Reed Maglio's insight:

If by any chance the complete performance isn't done as the contract has stated, performance bonds will be utilized. Therefore, the contractor will compensate for any loss of the owner or would continue the work until the needs are met.

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Bernard Depalma's curator insight, July 25, 2014 1:09 AM

The Principal is just what you call a project owner or other expert who buys the bond so that the project will be realized based on its target completion. The Principal is the first party involved in a surety contract.

Floyd Cottone's curator insight, July 25, 2014 1:11 AM

True enough, performance bonds play a huge role in the project completion without giving the project owner the problem that he or she will need to deal with additional expenses. Therefore, to make sure that the project will be finish smoothly, invest on surety bonds.

Jess Jonason's curator insight, July 25, 2014 1:13 AM

The second party is referred to as the Obligee. More often than not, this is the government agency needing the bond so as to stay away from possible financial loss. The third party is the one who is liable of establishing the bond and in guaranteeing that the entire financing of the project is available. He or she is referred to as the Surety. 

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Reed Maglio's insight:

The Principal is precisely what you call a project owner or other professional who purchases the bond so that the project will be realized based on its target completion. The Principal is the very first party involved in a surety contract. In order to prevent probable financial loss, the government agency will call for a bond.

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Bernard Depalma's curator insight, July 25, 2014 1:09 AM

 The third party is the one who is accountable of establishing the bond and in assuring that the overall financing of the project is available. She or he is called the Surety. 

Floyd Cottone's curator insight, July 25, 2014 1:11 AM

Surety bonds are beneficial particularly that there are instances wherein the contractors, who enter in a contract, failed in accomplishing the contract as per terms and condition. 

Jess Jonason's curator insight, July 25, 2014 1:13 AM

If by any chance the total performance isn't done as the contract has stated, performance bonds will be utilized. These bonds oblige the contractor to pay for the project owner if he cannot complete the project on time.