The contract of surety (also known as contract of suretyship) is a promise by one party toward another to assume responsibility for the discharge of contractual obligations undertaken by a third party.
A surety contract, through the surety company’s financial soundness along with rigorous qualification procedures, guarantees that the bonded company will perform its contractual obligations.
Highly common in the construction industry (particularly for government and public sector contracts), the surety contract may also be required for institutional and private projects.
Travel agents can obtain surety contracts to preserve their company’s cash flow.
Importers and exporters need surety contracts for U.S. and Canadian customs. Security companies, driving schools, trade schools and other businesses may also require surety contracts.
Our professionals will guide you through the various eligibility processes and help you get the security you need to keep your business running smoothly.