Performance Bonds
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Via Jess Jonason
Floyd Cottone's insight:

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.

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Reed Maglio's curator insight, July 25, 2014 1:08 AM

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.

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.

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
Floyd Cottone's insight:

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.

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Reed Maglio's curator insight, July 25, 2014 1:08 AM

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.

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.

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 Robby Oatman
Floyd Cottone's insight:

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).

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Robby Oatman's curator insight, July 25, 2014 1:05 AM

Registering for surety bonds helps in assuring the investments of a company. Surety bonds are generally mistaken as a kind of insurance. Surety bonds protect the obligee, while insurance protects the company or the business.

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.

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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Via Marybelle Tompkins
Floyd Cottone's insight:

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.

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Reed Maglio's curator insight, July 25, 2014 1:07 AM

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.

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.

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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Floyd Cottone's insight:

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. 

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Reed Maglio's curator insight, July 25, 2014 1:08 AM

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. 

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.

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 Reed Maglio
Floyd Cottone's insight:

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. 

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Reed Maglio's curator insight, July 25, 2014 1:07 AM

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.

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. 

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
Floyd Cottone's insight:

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.

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Reed Maglio's curator insight, July 25, 2014 1:07 AM

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.

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.

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
Floyd Cottone's insight:

To ensure safe investment, you ought to think about registering for surety bonds. Surety bonds are usually mistaken as a sort of insurance. Although, rather than protecting the business, surety bonds protect the obligee instead. There are deductions in an insurance policy, but the deductibles in bonds are the amount equal to the unsatisfied conditions.

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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.