What You Need To Know About A Surety Bond New York

When you are under contract for a large job, which is often a government contract, you are going to need a surety bond New York. A surety bond acts as insurance that the government or other entity is going to end up with a finished job. You put down the bond and get the money refunded once the job is done. If something happens and you don’t complete the job, you forfeit the money. Since the amount of the bond can be large, this is something that rarely happens.

The surety bond gives the person requesting the job the knowledge that the job is going to be finished. If a company has millions of dollars invested in a contract, they can’t take any chances that the job isn’t going to be completed or they could lose their investment. When you are talking about huge sums of money, there has to be some assurances that the job is going to be finished as stated. When it comes to government jobs, the surety bond actually protects taxpayers from waste.

When you are bidding on large government job or you have won the bid, you are expected to get the surety bond. They are insurance for the obligee and the government or other entity can file a claim if the job isn’t completed. You don’t want to take out a surety bond and not complete the job because this could easily bankrupt your company.

If the surety bond is worth millions of dollars and you don’t finish the job, you are going to have to pay all that money plus legal fees. You aren’t going to get paid for the job and it is actually going to cost you. Since the stakes are so high, few people ever forfeit their surety bonds. These bonds ensure that the work is going to get done. You will need to pledge cash or assets to cover the bond and both your personal and corporate assets can be taken away if you don’t pay the bond.

You will purchase the bond for the amount of the job and there is a fee associated with the bond. You won’t get the fee back. Surety bonds are usually required for very large jobs and they are always required for government jobs. You might want to shop around for the best prices on the bonds. The fee is reasonable and it is likely that you are never going to need to use the bond.

Bonds Express has some great prices on bonds and you can get a quote online or over the phone. They respond quickly and you can usually get your surety bond New York in as little as 24 hours. The staff will help you with any questions and they even offer overnight delivery. They also offer bonds if your credit is bad. You can’t do the job without the bond, so make sure that you don’t wait too long to get your bond.