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PIMS Insurance Services provides Surety Bond solutions for our clients.
There are two main categories of surety bond types, Contract Surety Bond and Commercial Surety Bond.
A Contract Surety Bond guarantees a specific contract. Examples include:
• Performance surety bond
• Bid surety bond
• Supply surety bond
• Maintenance surety bond
• Subdivision surety bond
A Commercial Surety Bond guarantees per the terms of the Bond form rather than a contract.
A Surety Bond is a three party agreement. The three parties are:
• The Principal - the primary person or business entity who will be performing a contractual obligation
• The Obligee - the party who is the recipient of the obligation (usually a government entity)
• The Surety - who ensures (guarantees) that the principal's obligations will be performed. Sureties are similar to insurance companies.
Through this agreement, the Surety agrees to uphold - for the benefit of the obligee - the contractual obligations made by the principal if that principal fails to uphold its promises to the obligee. The Surety Bond is provided so as to induce the obligee to contract with (or license) the principal, i.e., to demonstrate the credibility of the principal and guarantee performance and completion per the terms of the agreement.
PIMS Insurance Services will work with you to address your surety needs. We recommend you call us to discuss size, type and location of work being performed to align you with the most appropriate surety.