Buy Surety Bonds Online
Surety Bonds Quick and Easy Online
Surety Bonds are required to satisfy or guarantee fiduciary obligations, governmental legislation, as well as private contractual obligations of the applicant or the Principal under the bond. Surety Bonds are sold to companies and individuals in order to satisfy government regulations and court orders or to replace lost documents such as share certificates.
Commercial Surety Products include bonds that respond to federal and/or provincial statutes and regulations. They are usually part of licensing processes and requirements for companies or individuals, they protect the consumer against fraud, misrepresentation, and compensation of monetary loss and are typically required by federal and/or provincial courts, government bodies, financial institutions, and private corporations.
Purchasing an online Commercial Surety Bond is simple, quick, and easy.
Most bonds are an instant issue and available via email/download within minutes .
TO START YOUR ONLINE COMMERCIAL SURETY BOND APPLICATION:
- Select the State where the bond is required
- Select the Type of Bond
- Select the Obligee (The party the receives the protection of the bond)
- Select the Specific Bond from the list (some bonds may have dollar ranges or terms as differentiators)
- Complete your personal and/or company information
- Review Application Summary
- Click Submit
- Check your e-mail for status updates (return information might arrive in junk file).
*If you have any questions or need help in selecting or locating the bond you need, please call us at 1-866-372-0827 or 843-971-5441 for assistance.
Note: You must print the bond documents in color for them to be valid
Find your Surety Bond, Quickly, First select the state, then the type of the bond, then the Bond Name and the Obligee
Surety Bond FAQ
What are surety bonds?
A surety bond is a financial agreement between three parties: the obligee, the principal, and the surety. The obligee is the party that requires the bond, the principal is the party that must meet the terms of the bond, and the surety is the party that guarantees to the obligee that the principal will meet those terms.
Why are surety bonds used?
Surety bonds are most commonly used in business settings to protect against financial losses. For example, a business enters into a contract with another company and fails to comply with its obligations. In that case, the other business may be able to file a claim against the bond to recover the losses it suffered. This ability can be a significant advantage for companies that want to enter into contracts with others but don’t want to risk losing money if the other business fails to perform.
How do surety bonds work?
When a bond is issued, the surety company agrees to pay the obligee any damages the principal may owe up to a specific limit. This limit is called the bond amount. To secure this agreement, the surety company requires that the principal put up a percentage of the bond amount as collateral. This collateral can be in cash, property, or even another bond. If the principal fails to meet the bond terms, the surety company pays out the bond amount.
What are the different types of surety bonds?
There are three main types of surety bonds: performance, payment, and construction.
- Performance bonds guarantee that the principal will perform its obligations under a contract.
- Payment bonds guarantee that the principal will pay its suppliers and subcontractors for services or materials provided for a project.
- Construction bonds guarantee the completion of a construction project.
How do I get a surety bond?
You will need to go through a bonding company like Palmetto Surety Corporation to buy a surety bond. The company will review your credit history and business profile to decide whether or not to issue you a bond. The bond cost will vary depending on the risk involved but typically starts at around 1% of the bond amount.
Are there any restrictions on who can get a surety bond?
Yes, there are some restrictions on who can get a surety bond. You must be at least 18 years old and have a good credit history to be eligible. Additionally, the principal must meet the bond terms, which means the business must be in good financial shape.
What is the process for obtaining a surety bond?
The process for obtaining a surety bond typically involves submitting an application to a bonding company and providing information about your credit history and business profile. The bonding company will then review your application and decide whether or not to issue you a bond. If you are approved, the bonding company will require that you put up collateral to secure the agreement. This collateral can be in cash, property, or another bond. Finally, you will need to sign a contract with the bonding company agreeing to its terms.
What are the benefits of having a surety bond?
The main benefit of having a surety bond is protecting the principal against financial losses; this is especially helpful for businesses that want to enter into contracts with others but don’t want to risk losing money if the other company fails to perform. Additionally, surety bonds can help businesses obtain contracts that they may not have been able to get otherwise.
What are the risks associated with having a surety bond?
The main risk associated with having a surety bond is that the principal may fail to meet the terms of the bond. If this happens, the surety company is responsible for paying out the bond amount. Additionally, there is a cost associated with having a surety bond, ranging from 1% to 5% of the bond amount. The principal generally pays for this cost.
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