Surety Bonds
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Via Jess Jonason
Bernard Depalma's insight:

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.

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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.

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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Bernard Depalma's insight:

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.

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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.

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 Robby Oatman
Bernard Depalma's insight:

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.

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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.

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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Via Marybelle Tompkins
Bernard Depalma's insight:

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.

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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.

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
Bernard Depalma's insight:

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.

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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. 

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 Reed Maglio
Bernard Depalma's insight:

 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. 

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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.

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
Bernard Depalma's insight:

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.

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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.

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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Bernard Depalma's insight:

 In USA, using surety bonds is necessary in all projects of the government and private sectors that have a minimum agreement worth of $150,000. In addition, surety bonds are also required in service contracts and supply contracts.You will find a lot more for you on Read More.

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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.