• Home
  • About
  • Contact

The Phat Startup

The Ultimate Lifestyle Blog for Entrepreneurs

  • Blog
  • Blogger Lifestyle
  • Money & Finance
  • Motivation
  • Personal Growth

Blog Money & Finance

Understanding The Concept Of Surety Bonds And How They Work

The idea of a surety bond is something that many people are not all that familiar with, but it is an important concept that needs to be explored. Surety bonds are valuable investments that you should take a closer look at.

The Main Goal

With a surety bond, you are guaranteeing that you will perform in some fashion and provide a person with the services and help that one is asking for. The party that is waiting for your services can recover losses when you are unable to provide those services. This comes as an insurance company will help to get the funds out.

You can use the bond to establish a sense of trust with someone. As you use this, you will show that you are committed to a certain task and that you want to offer services to someone in an appropriate and sensible fashion.

Three Parties Involved

A surety bond entails three parties:

  1. The principal is the person who needs the bond. You would work as a principal that pays for the bond.
  2. The obligee is the one that is the beneficiary of the bond.
  3. The surety is an insurance company that will guarantee that the principal on the bond can manage the needs one has for it.

Getting the Bond

The principal would have to work to pay for every penny of the surety bond. An indemnity agreement might have to be signed to ensure the bond can move forward as desired. This means your assets would be used to reimburse the surety for any legal issues that come about. This includes cases where you are not able to pay for the bond.

Fulfill a Contract

The important point about the bond is that you will need to fulfill a contract. A surety bond will state that you are going to complete a contract for the obligee. When you are unable to cover that contract, you will have to pay the obligee a certain amount of money. The surety will get the money out to your obligee in the event that the contract does not move forward as desired.

The key part of the bond is that you are covering the contract that you have established with someone. This in turn makes it easier for the deal you have with someone to be met and to be facilitated accordingly without issues.

Cases for a Bond

This kind of bond can be used for any intention. It can be used to guarantee a home renovation project, a car repair task or any other extensive service. You can even use this to guarantee that certain types of jobs will be completed within a particular period of time depending on what you are working with. This is all about getting your work out there in a smart and carefully organized way.

It is vital to see how surety bonds can work for any intention. You can get in touch with nfpsurety if you have any additional concerns about how these work and what you can get off of them.


« How Packaging Design Can Ruin Even The Best Products
Understanding Some Details About Printer Leasing »

About The Phat Startup

The Phat Startup was created by Mike McOwen to create a space where entrepreneur lifestyle could be focused on. We tend to live a different lifestyle than most. Entrepreneurs tend to be interested in maximizing their life, not only their profit.

Connect With Me

  • Email
  • RSS
  • Twitter
  • YouTube

Twitter Feed

Mike McOwenFollow

Mike McOwen
PhatStartupsMike McOwen@PhatStartups·
29 Dec 2017

Why is content marketing so important? Find out here: http://thephatstartup.com/money-finance/why-your-business-needs-a-content-marketing-strategy-in-2018/

Reply on Twitter 946751505146707968Retweet on Twitter 946751505146707968Like on Twitter 9467515051467079681Twitter 946751505146707968
PhatStartupsMike McOwen@PhatStartups·
9 Oct 2017

http://yescincinnati.com/

Reply on Twitter 917521630162759681Retweet on Twitter 917521630162759681Like on Twitter 9175216301627596811Twitter 917521630162759681
PhatStartupsMike McOwen@PhatStartups·
25 Sep 2017

Wow, interesting

Forbes@Forbes

Millennial men are more likely than women to default on student debt http://on.forbes.com/60148NudC

Reply on Twitter 912458136849698816Retweet on Twitter 912458136849698816Like on Twitter 9124581368496988162Twitter 912458136849698816
PhatStartupsMike McOwen@PhatStartups·
25 Sep 2017

I LOVE Toronto! Miss that place

GO Transit@GOtransit

Explore Toronto’s art scene with GO! Enjoy special late night service during Nuit Blanche on Sept 30. https://cards.twitter.com/cards/v2l8b/4ttwx

Reply on Twitter 912458028355670017Retweet on Twitter 912458028355670017Like on Twitter 912458028355670017Twitter 912458028355670017
Retweet on TwitterMike McOwen Retweeted
BuffaloSabresBuffalo Sabres@BuffaloSabres·
25 Sep 2017

Batter's up! ⚾️ Spending quality time with our friends at @MiracleLeagueWN.

4
Reply on Twitter 912457252057034754Retweet on Twitter 91245725205703475454Like on Twitter 912457252057034754319Twitter 912457252057034754
Load More...

Blog Ideas That Make Money

Reduce the risk of car accidents and stay away from critical injuries

The Pros and Cons of Buying Bitcoins with Cash

Top 5 Celebrity Endorsements That Actually Worked

Search

Copyright © 2023 · The Phat Startup

Copyright © 2023 · Divine Theme on Genesis Framework · WordPress · Log in