Our agency has the capacity and experience to provide a full range of surety bonds. Our strong ties with many of the major bonding companies enables us to offer the most appropriate bonding solutions for your business.
G Suggs Insurance Agency welcomes all types contractors that need a surety bond, whether it be a bid bond, performance and payment bond or maintenance bond. We offer surety bonds for any size contractor large, medium and small – all project types and sizes.
We also offer quick turnaround and competitive rates for thousands of commercial bonds. In addition, we write surety bonds in North Carolina, and we can write surety bonds in many other states.
What is a Surety Bond?
Surety Bond is a three-party agreement whereby the surety guarantees to the Obligee (the project owner) that the principal (the contractor) is capable of performing the contract in accordance with the contract documents. Performance of the contract, which is the subject of the bond, determines the rights and obligations of the surety and the Obligee.
There are different types of surety bonds.
Contract Bonds – guarantee the contractor (principal) will perform the work and pay their suppliers, subcontractors, and laborers. (e.g. Bid Bond, Performance Bond, Subdivision Bond, etc.)
Commercial Bonds - guarantee the principal’s performance of an obligation as listed on the bond. (e.g. Auto Dealer Bond, Notary Bond, Mortgage Broker Bond, Wage & Welfare Bond, etc.)