Surety Bonds ➤
An Experienced Surety Bond Team
Serving the Greensboro, High Point, & Burlington, NC, and Surrounding Areas
Put simply, a surety bond is a written agreement to guarantee a given act, payment, or compliance with a ruling. This type of bond involves a three-party agreement between the party that undertakes the obligation, the party that issues the bond, and the party that guarantees that the terms of the bond will be fulfilled.
In practice, surety bonds can be used in many different ways. Some surety bonds provide coverage or guarantee compliance with licensing and permit requirements for local, state, or federal government entities. A contract bond is a type of surety bond that provides a guarantee that contractors will complete construction projects according to the project’s specifications and make all payments to subcontractors and suppliers as required.
If you or your business have been told that you need to post a surety bond, it’s a good idea to contact an experienced local agent to answer your questions. Darryl & Steve’s Bail Bonding has years of experience with this type of bond and can help you get started.
What Are Surety Bonds?
A surety bond is a contract drawn up between at least three parties. The first party, also known as the obligee, is the party that will be receiving the obligation stated in the contract. The second party, called the principal, is the party that will primarily be responsible for carrying out the contractual obligation. Finally, the third party, or the surety, is the one that assures the obligee that the principal will indeed perform what is in the contract. Surety bail bonds are typically drawn up when there is a question of the ability of the principal to carry out the obligation. The surety gets involved to basically vouch for the principal. The amount of money the surety will be responsible for in the event of the principal’s default is known as the penal sum.
When Do You Need a Surety Bond?
In most cases, surety bonds are required for contractors who want to work on high-cost government contracts. Even when not required by law, surety bonds can help when a contract requires performance! This is so because they help compensate obligates when principals fail to meet the obligations laid out by the contract. Especially in the construction industry, some lenders may require the project to be bonded before they provide financing. Other industries in which surety bonds are commonly used include financial services, transportation, motor vehicles, medical, and more. If you are in need of a surety bond for any reason, make sure to contact Darryl & Steve’s Bail Bonding. You can also check out our surety bond FAQ page for more information.
Bail Bonds for the Piedmont Triad of North Carolina
If a loved one is behind bars and turns to you to help make bail, the bail bondsmen at Darryl & Steve’s Bail Bonding can help.
In addition to surety bonds, we can help with all sorts of felony and federal bail bonds services. We can assist clients in Greensboro, NC; High Point, NC; Burlington, NC; Archdale, NC; Jamestown, NC; Summerfield, NC; Oak Ridge, NC; Stokesdale, NC; and the surrounding areas.
Once the judge officially sets bail, make the phone call to Darryl & Steve’s Bail Bonding. We’re available 24/7, so it’s never too early or too late to call. We’re here to help you during your time of need.