JW Surety Bonds

I've been reading about surety bonds and thought I knew what they were all about. Boy, was I surprised at all of the different bond types and purposes. It's really fascinating, especially if you ever need to be bonded for employment or in the best interest of your personal business.

Having spent years around the construction trades, I guess I'm most familiar with those bonds related to building contracts. The process generally starts out with a bid bond, required by the project owner in large and/or government-contracted construction projects. This is a surety which guarantees the owner that the winning bidder will enter into a contract at the bid price. It also contains specific remedies, often specified in the bid request, to compensate the owner if the winning bidder fails to sign a contract or attempts to change the price bid for the project.

Once the contract has been awarded, the winning bidder submits a performance bond to the owner. This surety guarantees that the contractor will perform all of the work specified in the contract to the satisfaction of the owner. At the same time, a payment bond is submitted, which guarantees that the contractor will pay all employees, subcontractors, and material suppliers. As with a bid bond, if the contractor fails to meet his/her obligations, doesn't perform the work satisfactorily, or fails to make payment as required, the owner can go to the bond issuer for compensation.

JW Surety Bonds is in the business of writing and placing bonds like these. They write commercial bonds in all 50 states and have the expertise to answer all of your questions. From detailed information about different bond types to online applications and approvals to articles, forums, and tools, they have what you need to make an informed decision.

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God Bless!

Jules