How Often Do You Pay for Surety Bonds?
Surety bonds are widely used in industries such as construction, government contracting, energy and utilities, real estate, and finance to provide project owners, clients, and regulatory bodies assurance against loss. Because surety bonds and insurance have some features in common, it’s not unusual for people purchasing a surety bond for the first time to assume they can pay for it in monthly premium payments, like they pay for their insurance policies. But that’s not generally the case.
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