What Is A Surety Bond?
A surety bond is a promise to be liable for the debt, default, or failure of another. It is a three-party contract by which one party (the surety) guarantees the performance or obligations of a second party (the principal) to a third party (the obligee). In essence, a surety is a person or an organization that assumes the responsibility of paying the debt in case the debtor policy defaults or is unable to make the payments.
What Are The Different Types of Bonds?
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License/Permit Bond: This bond ensures that the work you do will be in compliance with the state or municipal laws
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Public Official Bond: This bond guarantees that a public official will perform their duties honestly when in office
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Probate Bond: This bond guarantees that any accounting and duties will be performed honestly by named fiduciaries or trustees
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Contract Performance Bond: This bond ensures that contractual obligations will be met. This kind of bond is most common in construction and real estate development.
How To Get A Surety Bond
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Find the bond requirements in your state for your specific business or industry.
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Confirm the bond coverage amount needed.
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Contact a surety company that's licensed to sell bonds in your state, like The Deanna Dudley Agency.
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Provide the business details and financial information needed for your quote.
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Receive your bond quote.
Let The DDA help you obtain your bond! Call us at 404-947-5010 or start the quote proess by clicking the button below.