Financial guarantee and surety Forms for Palm Beach
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FAQ
Two, surety bonds tend to be in force for the life of the project, while bank guarantees have to be renewed periodically. Most importantly, bank guarantees are unconditional and payable on demand, while surety bonds can be reimbursed like an insurance policy if the claim is valid, he added.
You can get a Florida surety bond from your local insurance company or a licensed surety bond company. Most people to choose to get their bond from a surety bond company because of the expertise and competitive pricing.
Surety bonds are often issued by banks and insurance companies. They are usually obtained through brokers and dealers who, like insurance agents, obtain a commission on sales.
The surety is the company that provides a line of credit to guarantee payment of any claim. They provide a financial guarantee to the obligee that the principal will fulfill their obligations.