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Surety Bonds
Surety Bond: The not-quite-insurance solution.
"A surety bond ensures contract completion in the event of contractor default. A project owner (called an obligee) seeks a contractor (called a principal) to fulfill a contract. The contractor obtains a surety bond from a surety company. If the contractor defaults, the surety company is obligated to find another contractor to complete the contract or compensate the project owner for the financial loss incurred."
~Courtesy Small Business Administration
Clear as mud?
In layman's terms, if you've just signed a contract to add an addition to a home just in time for the daughter of the owner's wedding, and you're in a serious car wreck the next day and can't complete it on time... you're protected against a lawsuit. With a Surety Bond the addition is built on time and you're protected when you need it.
Let us plan for the unthinkable for you. Call us today.
"A surety bond ensures contract completion in the event of contractor default. A project owner (called an obligee) seeks a contractor (called a principal) to fulfill a contract. The contractor obtains a surety bond from a surety company. If the contractor defaults, the surety company is obligated to find another contractor to complete the contract or compensate the project owner for the financial loss incurred."
~Courtesy Small Business Administration
Clear as mud?
In layman's terms, if you've just signed a contract to add an addition to a home just in time for the daughter of the owner's wedding, and you're in a serious car wreck the next day and can't complete it on time... you're protected against a lawsuit. With a Surety Bond the addition is built on time and you're protected when you need it.
Let us plan for the unthinkable for you. Call us today.