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What is a notary bond?
To delve into what a notary bond is, we first need to define what a notary public is. The Secretary of State’s office in a given state appoints an official to the position of notary public. Just like many public officials, the State requires the person to acquire a notary bond or surety bond prior […]
What is an ERISA Bond?
ERISA stands for Employee Retirement Income Security Act. The legislation was signed into law back in the 1970s to prevent fraud. The law requires anyone who handles someone’s retirement funds to be bonded. The bonding laws are intended to protect retirement and employee benefit plans from becoming victim to fraudulent activity. That means a fidelity […]
What is a Title Bond?
A title bond is a certificate used to help verify ownership of a motor vehicle. Isn’t that what the original title is for? Ideally, yes. But there are plenty of occasions in which someone needs to buy a car that doesn’t have a title. For instance, if you buy a classic car you plan on […]
What Type of Construction Bond Do You Need?
You can’t be an effective contractor without holding the right bonds. Yet, for many contractors, knowing which bond to get for which project, and for how much can add a whole new layer of complexity and confusion. Here at Southwest Bond Services, we specialize in writing all types construction-related bonds. In this article, we’ll look […]
What Is a Bid Bond?
Understanding bid bonds is essential for anyone involved in construction or contracting. These bonds play a crucial role in ensuring contractors who are bidding projects will enter into the contract pursuant to their bid, are financially qualified for the project and can provide the necessary payment and performance bonds if awarded. In this blog, we […]
Bid Bond vs Performance Bond: A Comprehensive Guide
Introduction What are Bid Bonds and Performance Bonds? Bid Bonds Bid bonds are guarantees that a contractor will honor their bid if they are awarded the contract. They are typically required by project owners during the bidding process. The main purpose of a bid bond is to protect the project owner. If the winning contractor […]
What Is a Performance Bond?
Understanding Performance Bonds Definition of a Performance Bond A performance bond is a type of surety bond issued to ensure the completion of a project according to the terms and conditions of the contract. It guarantees that the principal (usually the contractor) will perform the work as specified, protecting the obligee (usually the project owner) […]