Indemnity agreements are required by bonding companies throughout the nation. The agreements usually require corporate, personal, and spousal indemnification. The agreements give all of the rights to the bonding company and would scare almost anyone in their right mind. Why would anyone obtain a bond if they have to sign such a one sided document?
Category: General Bonding
Bonding companies look at far more than just owners’ personal credit when it comes to construction bonds over $250,000. A surety wants to have confidence in their bonded contractors prior… Read more »
When obtaining a surety bond, you must sign an agreement of personal and corporate indemnity between the owner(s) of your company and the surety who is guaranteeing the bond. Many… Read more »
Bonding companies will often agree to write risks they typically would decline by requiring collateral along with the premium. This is a good solution in certain circumstances, but clients would be wise to carefully read their collateral agreements prior to signing on the ‘X’.
Many people do not understand why they need to obtain surety bonds, let alone understand what they are. If you want to find out why you need a surety bond,… Read more »