A Surety Bond is a three-party agreement whereby the surety guarantees to the obligee (the project owner) that the principal (the contractor) is capable of performing the contract in accordance with the contract documents. Performance of the contract, which is the subject of the bond, determines the rights and obligations of the surety and the obligee.
Here are the eight different families of surety bonds:
Public Official Bonds
License and Permit Bonds
Contract Bonds (Bid and Performance Bonds)
Miscellaneous and Federal Bonds
Upper Chesapeake Insurance Agency offers free, comparative quotes on surety bonds from multiple insurance carriers so you can get the best possible rate.
Want to see how much we can save you? Just request a quote to find out.