Surety Bond – Surety Seven

Surety bond insurance is very popular. With the use of surety bonds, one party can provide the other with a financial assurance or guarantee, such as a performance or payment guarantee, for the project. Surety bonds are sums of money given by a third party as assurances that the person asking for the bond will honor their half of the agreement.In case the company fails to fulfill its responsibilities, the surety bond covers the project awarding authority, also known as the Oblige, for any lost earnings or property damage. To learn more about surety bonds, go to the Surety Seven website.