Georgia Surety Agreement
Description
How to fill out Surety Agreement?
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FAQ
You can apply for a surety bond with either an insurance agency or a surety bond company. We suggest a surety bond company because they solely handle surety bonds.
Surety Explained in Detail A surety bond is a legal binding agreement signed between three partiesthe lender, the trustee, and the guarantor. The obligee, generally a government agency, allows the principal to receive a security bond as a protection against future work output, normally a business owner or contractor.
In the construction industry, surety bonds guarantee that the principal, or the contractor hired to do a job, will perform the task as outlined in the official contract. If the principal does not, then the surety, pays the obligee money to get the job done and to cover any damages, penalties or other costs incurred.
These bond types are also referred to as commercial bonds" or business bonds." Examples of license and permit surety bonds include auto dealer bonds, mortgage broker bonds, and collection agency bonds.
A surety bond protects the obligee against losses, up to the limit of the bond, that result from the principal's failure to perform its obligation or undertaking. Unlike insurance, a loss paid under a surety bond is fully recoverable from the principal.
Georgia has a statewide surety bond requirement for general contractors. You can get the $25,000 bond for residential and general contractors for an annual premium of $125.
In many industries, obtaining a surety bond is a necessary but confusing part of the protocol. The fact is that surety bonds are good for business. They instill trust in your company, make it even more reputable and, in most situations, keep it compliant under the law or the governing body of your industry.
To get a Georgia Contractor License, you must pass a two-part exam covering the license you are attempting to obtain; one in business and one in law. Applicants must also submit a license application and secure a Georgia Contractor Bond .
