Surety Bonds
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Rescooped by Jerry Rix from Bid Bonds
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United Surety Bonds - Bid & Performance Bonds

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United Surety Bonds

Via Christen Lampkin
Jerry Rix's insight:

These bonds are good for the party who was given the favor. If the bond is issued against the developer, the contractor has the right to claim for payments as well as the developer will carry the obligation if conflicts take place on the project. It also works vice versa if ever the bond is directed towards the contractor. 

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Christen Lampkin's curator insight, June 21, 2014 7:16 AM

To really make it more clear, performance bonds are surety bonds that a financial institution issues to make sure that the contractor will eventually complete the designated task according to the agreed conditions. Thus, if the project was not finished, the other party is need to pay a specific amount. 

Christen Lampkin's curator insight, June 21, 2014 7:16 AM

By some means; these aforementioned bonds are one of the most frequently used bonds for construction. As what have been noted, these surety bonds are used primarily to safeguard projects for constructing real-estate properties.

Christen Lampkin's curator insight, June 21, 2014 7:17 AM

By using these performance bonds and bid bonds, it is sure that there will never be any foul-play in either of the two parties. Rates will be between 10-15% for the bond described in the contract. Generally, the risk level of these parties is the basis on the rates provided.

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United Surety Bonds - Bid & Performance Bonds

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United Surety Bonds

Via Trena Sandoval
Jerry Rix's insight:

These surety bonds for safeguarding the financial status of every party can be issued by either the contractor, who'll perform the project, or the company that will be getting the contractor’s services. But issuing these bonds will require the help of a banking institution prior to issuance.

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Trena Sandoval's curator insight, June 21, 2014 6:34 AM

One good example is the necessity of an organization for a contractor for their project later on. Before the firm employs one specific contractor, bidding will be taken first. Once a winning bid is made the parties will then make a deal about the required financings. To give more security, a winning bidder may then request bid bonds.

Corazon Journey's curator insight, June 21, 2014 6:58 AM

For example, a certain firm needs a contractor for their upcoming project. But before a contractor will be accepted by a company, a bidding event would happen first. The necessary financing will be discussed soon after the project has been awarded to the winning bidder..

Bernice Vanderbilt's curator insight, June 21, 2014 7:08 AM

Surety bonds play a big role in securing the finances of certain group, and the ones who can be issue this are the company or the contractor. But issuing these bonds will need the aid of a banking institution before issuance. 

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United Surety Bonds - Bid & Performance Bonds

United Surety Bonds - Bid & Performance Bonds | Surety Bonds | Scoop.it
United Surety Bonds

Via Bernice Vanderbilt
Jerry Rix's insight:

One good example is the need of an organization for a contractor for their project later on. Before the company hires one specific contractor, bidding will be taken first. Once a winning bid is made the parties will then negotiate about the required financings.

more...
Bernice Vanderbilt's curator insight, June 21, 2014 6:37 AM

One good example is the necessity of an organization for a contractor for their project later on. Before the firm employs one specific contractor, bidding will be taken first. Once a winning bid is made the parties will then make a deal about the required financings. To give more security, a winning bidder may then request bid bonds.

Corazon Journey's curator insight, June 21, 2014 6:58 AM

Surety bonds helps protect a group’s financial situation, and it can only be given by either the contractor or the company itself. However, they can't issue the bonds on their own because they need a particular financial institution to issue it for them.

Annamaria Rael's curator insight, June 21, 2014 7:04 AM

One good example is the need of a firm for a contractor for their project later on. But before a contractor will be accepted by a organization, a bidding event would occur first. After a winning bidder has been known, the groups will then go over about the required funds.

Rescooped by Jerry Rix from Surety Bonds
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United Surety Bonds - Bid & Performance Bonds

United Surety Bonds - Bid & Performance Bonds | Surety Bonds | Scoop.it
United Surety Bonds
Jerry Rix's insight:

Bonds issued for ensuring that a contractor will finish a certain project are the performance bonds. In other words, financial associations give these performance bonds as surety bonds as an assurance that the outworker will commit to the task until it is done as said in the terms and agreement. Hence, if the project wasn't done, the other party is obliged to pay a certain amount. 

more...
Jerry Rix's curator insight, June 21, 2014 6:48 AM

Through the entire performance bonds and also the the bid bonds, both parties can be certain that no side will be able to play tricks against the other. Rates will be between 10-15% for the bond stated in the contract. Generally, the risk level of these parties is the basis on the rates offered.

Corazon Journey's curator insight, June 21, 2014 6:59 AM

Parties who was given the favor will certainly reap the benefits of any of these bonds. If the bond is issued against the developer, the contractor has the right to claim for payments and also the developer will hold the obligation if conflicts occur on the project. The opposite goes if the bond is issued against the contractor. 

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United Surety Bonds - Bid & Performance Bonds

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United Surety Bonds

Via Teofila Cagle
Jerry Rix's insight:

These bonds are actually some of the mostly used construction bonds. As what have been mentioned, these surety bonds are used mainly to protect projects for constructing real-estate properties. 

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Bernice Vanderbilt's curator insight, June 21, 2014 7:08 AM

Parties who was given the favor will absolutely reap the benefits of any of these bonds. Once a developer is provided a bond, a contractor will get profits from the bond and the developer will assume responsibilty based on his obligation if complications take place throughout the project. If the contractor is the one given with the bond, he will then be held accountable.

Teofila Cagle's curator insight, June 21, 2014 7:13 AM

These surety bonds for securing the financial status of each party can be issued by either the contractor, who'll do the project, or the firm that'll be getting the contractor’s services. But issuing these bonds will need the help of a banking institution before issuance. 

Christen Lampkin's curator insight, June 21, 2014 7:16 AM

Surety bonds play a huge role in securing the finances of certain group, and the ones who can be issue this are the company or the contractor. But issuing these bonds will need the assistance of a banking institution just before issuance.

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United Surety Bonds - Bid & Performance Bonds

United Surety Bonds - Bid & Performance Bonds | Surety Bonds | Scoop.it
United Surety Bonds

Via Corazon Journey
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Annamaria Rael's curator insight, June 21, 2014 7:05 AM

Parties who was given the favor will absolutely benefit from any of these bonds. When a developer is offered a bond, a contractor will obtain profits from the bond and the developer will take responsibility based upon his obligation if problems occur throughout the project. If the contractor is the one given with the bond, he will then be held accountable. 

Trena Sandoval's curator insight, June 21, 2014 7:11 AM

These performance bonds and bid bonds help make certain that there will be no party above the other. Rates for such bonds vary from 10% to 15% of the amount stated on the contract. Usually, the rates are based on the both parties risk level.

Christen Lampkin's curator insight, June 21, 2014 7:15 AM

A bond is a written legal deal which forces one party to settle every six months, and pay for the entire debt once it reaches its maturity date. Bonds have differing types and classifications. These bonds include 2 kinds; the surety bonds and bid bonds. 

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United Surety Bonds - Bid & Performance Bonds

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United Surety Bonds


Via Annamaria Rael
Jerry Rix's insight:

However, projects that are offered with performance bonds usually have bid bonds. In this manner, surety bonds that make reference to bid bonds are usually given to the highest bidder. 

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Annamaria Rael's curator insight, June 21, 2014 6:45 AM

These bonds are best for the party who was given the favor. If a developer gets a bond, a contractor will really benefit from payments and developers will be responsible in case problems arise about the project. If the contractor is the one given with the bond, he will then be held accountable.

Corazon Journey's curator insight, June 21, 2014 6:58 AM

These bonds are actually a few of the mostly utilized construction bonds. As what have been stated, these surety bonds are used mostly to protect projects for constructing real-estate properties. 

Scooped by Jerry Rix
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United Surety Bonds - Bid & Performance Bonds

United Surety Bonds - Bid & Performance Bonds | Surety Bonds | Scoop.it
United Surety Bonds
Jerry Rix's insight:

Through the entire performance bonds and also the the bid bonds, both parties can be certain that no side will be able to play tricks against the other. Rates will be between 10-15% for the bond stated in the contract. Generally, the risk level of these parties is the basis on the rates offered.

more...
Corazon Journey's curator insight, June 21, 2014 6:59 AM

Parties who was given the favor will certainly reap the benefits of any of these bonds. If the bond is issued against the developer, the contractor has the right to claim for payments and also the developer will hold the obligation if conflicts occur on the project. The opposite goes if the bond is issued against the contractor. 

Jerry Rix's curator insight, June 21, 2014 7:01 AM

Bonds issued for ensuring that a contractor will finish a certain project are the performance bonds. In other words, financial associations give these performance bonds as surety bonds as an assurance that the outworker will commit to the task until it is done as said in the terms and agreement. Hence, if the project wasn't done, the other party is obliged to pay a certain amount.