Financial Guarantee Bonds

A bond, in general, is basically an IOU. One is required to obtain a bond when working with the Federal Government, a corporation or individual states. The reason one invests in a bond is that they are more conservative than the stock market and, more importantly, the bond is going to pay more than a cash investment.

A Financial Bond is a non-cancellable indemnity bond that assures that a payment will be paid, if at some future date, the principal does not perform the contractual obligations specified.

Here are the list of things that a surety might ask while evaluating a bond application:

A Commercial Bond Application: An application which sums up a thorough overview of the principal’s financial situation.

Business Financial Statements: A formal record of the financial activities of an entity. These statements evaluate the financial strength, performance and liquidity of a company. The statements should include assets, liabilities, equity, income and cash flow statements.

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Resume of the Owner(s): It is important for a surety company to know everything about the principal, including the history of people associated with the company. By doing so, the surety makes sure that the construction team is skilled enough to perform the task.

Current Bank Statements: There are certain bonds for which a principal is required to submit his or her bank statements. Surety companies look to evaluate the net worth of a company, in order to assess their financial stability.

A Copy of the License or Permit: For many projects, a principal needs to have a permit or license to make sure that he or she is capable of performing the project satisfactorily. There are certain commercial bonds that will require the necessary permit or license before the bond can be acquired.

Surety Bond Professionals is a financial guarantee bond agency which offers financial guarantee bonds in Connecticut, New Hampshire, Massachusetts and other major parts in the US. Get your free quote today by using our bond application form. Contact a financial guarantee bond agency, to get an instant financial guarantee bond quote now.

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