How to Get A Surety Bond

Last updated on Friday, May 19th, 2017 5 Comments

Most people have never heard of a surety bond until someone asked them to get one. Just calling and asking a company like Surety1 for a surety bond is like to going into Home Depot and asking for a tool; like tools, there are literally thousands of different types of surety bonds.

Step 1 – Find Out What Kind of Bond You Need

• If a government agency is asking you to provide a bond, it’s usually pretty simple. For instance, if you are applying for a Immigration Consultants License in California, you probably need an Immigration Consultants License Bond. If someone just says you need to be bonded, ask them what kind of bond they want. If they don’t know, then you probably need a Business Service Surety Bond. 
• If the bond is to guarantee a specific contract, you will most likely need a Performance and Payment Surety Bond.
• If you want to bid on a public works contract and they are asking for a bid before the bid, it is most likely a bidders bond.

While Surety1 has thousands of different types of bonds to choose from, if you do not see the bond you are looking for listed, feel free to call and talk to a friendly bond agent.

Step 2 – Apply for the Bond Online

• Apply for the type of surety bond you need. It’s free and only takes a few minutes. If you’re not sure abut something, a bond agent will call you, usually within a few hours after receiving your application.
• If it is a contract bond, oftentimes additional information will have to be provided, like a copy of the contract or additional financial information.

Step 3 – Sign the Paperwork and Pay for the Bond

• Most surety bonds require an indemnity agreement to be signed by the Principal (party requesting bond). The indemnity agreement is the legal document that provides for the surety’s remedies. It needs to be signed, sometimes notarized, and faxed or e-mailed back to Surety1 before the bond can be issued.
•  Provide a credit card to pay for the bond.

The difficult part about getting bonded for the first time is the unknown. That is why it is always better to go to a surety-only agency like Surety1. We are surety bond experts and are happy to walk you through every step of the process.

Posted in Federal Bonds. Tagged with: How to Get A Surety Bond, Immigration Consultants License Bond, indemnity agreement