| Biography: |
Commercial surety bonds cover a very broad range of surety bonds that guarantee performance by the principal of the obligation or undertaking described in the bond. They are required of individuals and businesses by the federal, state, and local governments; various statutes, regulations, ordinances; or by other entities. Fidelity bonds, also called employee dishonesty bonds, are one of the key coverages in a commercial crime policy. If an employee at your commercial building company steals from a client, this bond will reimburse the client for their loss. Clients might require you to secure this bond before allowing your employees on their property. Now, if the construction business does not want retention to be held against them, they can obtain a retention bond. This way they can get paid the full amount during every billing period. If the contractor fails their duty, then the surety company will payout the obligee as compensation. |
