Surety Bonds
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Rescooped by Marybelle Tompkins from Surety Bonds
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United Surety Bonds - Bid & Performance Bonds

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Via Jess Jonason
Marybelle Tompkins's insight:

In USA, making use of surety bonds is important in all projects of the government and private sectors that have a minimum deal worth of $150,000. Moreover, there are situations that service contracts and supply deals are needed to secure surety bonds.

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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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United Surety Bonds - Bid & Performance Bonds

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United Surety Bonds

Via Bernard Depalma
Marybelle Tompkins's insight:

To assure safe investment, one should think about signing up for surety bonds. Some individuals consider surety bonds as insurance; but 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

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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United Surety Bonds - Bid & Performance Bonds

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United Surety Bonds

Via Robby Oatman
Marybelle Tompkins's insight:

With regards to securing the completion of business projects, surety bonds are extremely important. It is very important for companies to take full advantage of surety bonds

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

The next party is referred to as the Obligee. Generally, this is the government agency demanding the bond in order to steer clear from achievable financial loss.

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

Surety bonds have a significant role in boosting the economy of a particular business. Using surety bonds is indispensable for all companies in the business industry. This serves as a guaranteed performance of a contract from a second party (principal).

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

This is a sort of surety bonds that assures the contractor will offer the adequate completion of a project. Performance bonds are also necessary to ensure that the tax payer’s investment is in great hands.

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United Surety Bonds - Bid & Performance Bonds

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United Surety Bonds
Marybelle Tompkins's insight:

Nobody 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 1:09 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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United Surety Bonds - Bid & Performance Bonds

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United Surety Bonds

Via Floyd Cottone
Marybelle Tompkins's insight:

Bonds are the deductibles themselves while an insurance features a separate deductibles. In an insurance, if you make a claim, you'll get a specific amount from the insurance provider right after charging the deductible.

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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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United Surety Bonds

Via Reed Maglio
Marybelle Tompkins's insight:

This ensures that the contractor will complete the project based on the agreement. There are cases in which contractors fail to do what are needed in the deal. This is the reason why surety bonds are important. 

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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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United Surety Bonds - Bid & Performance Bonds

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United Surety Bonds


Via Fayette Dudek
Marybelle Tompkins's insight:

True enough, performance bonds use a crucial role in the project completion without giving the project owner the problem that she or he will need to face further expenses. Hence, to make sure that the project will be finish smoothly, invest on surety bonds.

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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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United Surety Bonds - Bid & Performance Bonds

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United Surety Bonds
Marybelle Tompkins's insight:

It is also stated in the agreement that he must perform everything that is needed to accomplish the entire project. To stay away from major financial losses, nearly all project owners go for surety. This is because they know that it is common for contractors to not finish a particular task because of bankruptcy.

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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.