Posted on Oct 15, 2018
Haughn & Associates, Inc. commercial insurance columbus ohio
A surety bond is a three-party contract comprised of the surety, the contractor and the owner. A surety bond is not your typical insurance policy. For privately-funded projects, surety bonds allow for the smooth transition from construction financing to permanent financing, all while providing the contractor support until completion of the project. For a public project, surety bonds support contractor prequalifications, subcontractor payment protection and contract completion protection for the public. Essentially, a surety bond can provide you with funds when you need it for a public or private project. But that’s not the only benefit of surety bonds for contractors.