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payment bonds

The History of Surety and Suretyship

A Brief History of Surety
The principles of suretyship and of surety are not new to the world. While many may not even know what a surety bond is, there is a very deep and rich history of surety and suretyship. The ideals of suretyship are widely traveled and have spread to more corners of the earth than many of us …

 

Construction Surety Bonds at Fiscal Year End

Construction Surety Bonds at Fiscal Year End

The fiscal year is winding down for all states but Alabama (ends September 30), Michigan (September 30), New York (March 31), and Texas (August 31).  The other 46 states see their fiscal year ending on June 30.  With the good and growing economy, some states are projecting that they will see revenue surges as the year comes to an end. …

 

2016 Construction Outlook Positive: Get Bond Program Ready

2016 Construction Outlook Positive: Get Bond Program Ready

A surety bond is a product that ensures the obligation of one party is being fulfilled for the benefit of another party.  In the construction arena, when bonds are required they are referred to as bid, performance, and payment bonds.  It makes sense that those contractors who do business in the public sector and rely on performance and payment bonds to fuel …

 

2016 Construction Outlook Positive: Get Bond Program Ready

2016 Construction Outlook Positive: Get Bond Program Ready

A surety bond is a product that ensures the obligation of one party is being fulfilled for the benefit of another party.  In the construction arena, when bonds are required they are referred to as bid, performance, and payment bonds.  It makes […]

The post 2016 Construction Outlook Positive: Get Bond Program Ready appeared first on Surety1 Bond Line.

 

Private Owners Requiring Performance and Payment Bonds

Private Owners Requiring Performance and Payment Bonds

As reported in www.businessinsurance.com, as private construction is finally starting to pick up, contractors my be asked to post performance  and payment bonds this time around.  the recession caused a lot of financial difficulties for a lot of contractors.  Some of these contractors were working for long time private clients and ended up costing the owners money.  A payment bond basically guaranteeing the contractor delivers a lien free project. …