Receive Piece of Mind With Surety Bonds in Nassau County

What Is a Surety Bond?

A surety bond is executed between three parties in which the principle, usually the business, guarantees the completion of work to the obligee. As the surety, we’re responsible for ensuring that if the principal defaults on their responsibilities to the obligee, we’ll find a new partner to fulfill the request. Typically, the principal will seek a surety bond to obtain a contract individual or client. The surety bond ensures that all parties are protected if the work is not completed on time through financial restitution. It provides your customers with peace of mind for the business owner and makes your contract bids stronger.

Which Type of Surety Bond

Do I Need?

There are dozens of types of surety bonds available for businesses. Deciding which one is right for your business is paramount. Luckily, the experienced bondmen at Liberty Bail Bonds Nassau are available to identify which one will best benefit you and your obligee. Learn more about the three most common types of surety bonds we offer:

• Commercial Bonds – Tradesmen or other employees frequently use commercial bonds to ensure they comply with local and federal permit ordinances. There are numerous sub-categories of commercial bonds, including license and permit bonds, auto dealer bonds, and more.
• Court Bonds – Court bonds are utilized if an individual peruses action in the court of law. There are two main types of court bonds: judicial bonds and fiduciary/ probate bonds. Judicial bonds are used to limit the losses in a judicial ruling. Fiduciary bonds protect you against money managers that may not be working towards your best interest.
• Contract Bonds – Project owners may want a contract bond during construction to help protect them from companies that are unable or unwilling to complete the job as it’s outlined in the contract. The bond ensures the project will be completed even in the event the initial company fails to meet its obligations.

What Are the Benefits of Choosing a Surety Bond?

Protecting the integrity of your business and the contract with your client is essential. This is why surety bonds are used or even required in some situations. There are many benefits to both the obligee and the business entity for choosing a surety bond.

• Maintain Compliance – One of the most significant reasons surety bonds are beneficial is because they ensure the contractor maintains compliance with permits and licensing through project completion.
• Instill Trust – A surety bond will instill trust in the principal’s ability to complete the project as agreed upon in the contract. A surety makes your business more attractive to potential project owners. 
• Financial Security – Surety bonds provide the obligee with financial security in the event a principal is unable to complete the contract.