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What is a Surety Bond?
A surety bond is a promise to pay one party " the Obligee" a certain amount of money usually the bond amount; if the Principal fails to meet his obligation. Thus protecting the oblige against losses caused by the principle.
What dose Surety Means?
Surety refers to who assures that the principle can preform his task to the Oblige.
Why we need Bonds?
As a part of Construction Law; the project's owner needs some kind of surety that the contractor he is dealing with will preform and execute the contract. In this case; the contractors bond will provide such surety.
Do I need A bond to Activate My Contractor's License?
Yes, License ad Permit bonds are required by the State of California, as a prerequisites to receive the license or the permit. Such bonds functions as a guaranty from the Surety company to the governments that the contractor or the principle will preform his wok under the law and statute of the state.
Weather you are in the Bay Area or not; if your doing business in California; Contact us today. At SaveGuard Insurance Agency we will help you protect the interests of your business, so bundle your commercial policies and bonds with SaveGuard and save today.
Call us 510-538-7233
A surety bond is a promise to pay one party " the Obligee" a certain amount of money usually the bond amount; if the Principal fails to meet his obligation. Thus protecting the oblige against losses caused by the principle.
What dose Surety Means?
Surety refers to who assures that the principle can preform his task to the Oblige.
Why we need Bonds?
As a part of Construction Law; the project's owner needs some kind of surety that the contractor he is dealing with will preform and execute the contract. In this case; the contractors bond will provide such surety.
Do I need A bond to Activate My Contractor's License?
Yes, License ad Permit bonds are required by the State of California, as a prerequisites to receive the license or the permit. Such bonds functions as a guaranty from the Surety company to the governments that the contractor or the principle will preform his wok under the law and statute of the state.
Weather you are in the Bay Area or not; if your doing business in California; Contact us today. At SaveGuard Insurance Agency we will help you protect the interests of your business, so bundle your commercial policies and bonds with SaveGuard and save today.
Call us 510-538-7233