What is a Surety Bond?
DEFINITION: SUR•E•TY BOND
A surety bond is a contract between three parties—the principal (you), the surety (us) and the obligee (the entity requiring the bond)—in which the surety financially guarantees to an obligee that the principal will act in accordance with the terms established by the bond.
Performance and Payment Bonds
A performance bond is a financial guarantee to one party in a contract against the failure of the other party to meet its obligations. It is also referred to as a contract bond. A performance bond is usually provided by a bank or an insurance company to make sure a contractor completes designated projects.
Construction Bonding
A construction surety bond is a contractual agreement between three parties: a contractor or construction company, someone who wants to hire them, and a surety bond company. The bond serves as a kind of guarantee that a contractor will complete the construction project within the parameters of the contract.
Maintenance Bonding
A maintenance bond is a type of surety bond purchased by a contractor to protect the property owner or landowner from the costs to remedy a completed construction project's defects.
Bonding Acquisition When Others Can't
We are a minority-owned Surety Bond Brokerage dedicated to the education and participation of minority construction companies in the bonding process.
J. BARRINGTON & ASSOCIATES
We don't stop until we secure your participation in the Surety Bond process