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The Surety Bond is the standard instrument of protection for public and private construction buyers. When a developer wants to protect their investment, the contractor that won the bid is required to provide a performance bond before work can begin.
The Surety Bond is a legal agreement in which the Surety obligates itself to the construction buyer for the default of the contractor.
Did you know: A Surety Bond is often considered a form of insurance, when in reality it is a unique form of credit that guarantees pre-qualification, performance and credit-worthiness of a contractor.
Provide Financial assurance that a bid has been submitted in good faith, and that the contractor intends to enter into the contract at the the price bid.
Protect the owner of the job from financial loss should the Principal (contractor) fail to perform the contract in accordance with the terms and conditions of the contract documents.
Guarantee that subcontractors and suppliers will be paid for labor and materials associated with the bonded project.
Guarantee to the Obligee that any defective workmanship will be corrected with in a specific period.
Guarantee to a city, county, or state that the principal will finance and construct certain improvements such as streets, sidewalks, curbs, gutters, sewers, and drainage systems.
Visit the Cross Surety Website to learn more about our surety services.
