Surety bonds are designed to guarantee performance for a set of particular risks. Each surety bond must be uniquely tailored to meet specific needs. A surety bond is an agreement under which one party, the surety, guarantees to another party, the oblige, the performance of an obligation by a third party, the principal.
With our experience, Steven A Souza Insurance Agency, Inc. has developed the knowledge and expertise to find the proper bond for you. We know and understand the various kinds of bonds available and, over 30+ years, have developed relationships with Insurance Companies for the following types of bonds:
Contract Surety
Steven A Souza Insurance Agency, Inc. has a deep understanding of the construction industry, which allows us to offer you the best insurance products and services. Here are some of the types of bonds provided:
- Bid Bonds: Affords protection to a project owner (oblige) in the event a successful bidder will not enter a contract and will not provide the required surety bonds or other security.
- Performance bonds: assures that the contract will be performed according to its terms and specifications. If not, the bond generally obligates the surety to either 1) finance the contractor, 2) undertake completing the project, 3) tender another contractor to the owner… or pay the bond penalty.
- Payment bonds: assures that a contractor will make prompt and full payment for labor and material consumed on a project.
- Maintenance bonds: assures a project will remain free of defects in workmanship or materials for a specific period of time.
Commercial Surety
Let us help you decide on the right bond coverage to minimize your business risks. Here are common examples of a commercial bond we offer:
- Contractors License Bond
- DMV / Dealer Bond
- Fiduciary Bond
- License / Permit bond
- Misc. Bond
