South Carolina Undertaking by Surety and Approval (Claim and Delivery) is a type of surety bond that is required by the South Carolina Department of Motor Vehicles to prove that a business can fulfill its contractual obligations. This bond guarantees that the contractor will complete the project according to the terms of the agreement and will pay any damages resulting from any breach of contract. The bond also ensures that the contractor will pay any court costs and judgments that may arise from the project. The bond is used in the event a contractor fails to perform as agreed, and the surety company pays out the claim on behalf of the contractor. There are two types of South Carolina Undertaking by Surety and Approval (Claim and Delivery): the Standard Bond and the Qualified Bond. The Standard Bond is a one-time payment that covers the contractor for up to $25,000. The Qualified Bond is a more comprehensive bond that covers up to $50,000 and includes additional coverage for labor and material costs.
South Carolina Undertaking by Surety and Approval (Claim and Delivery),
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