Surety Bonds


An Introduction to New York State Bonding Requirements

Getting a New York surety bond guarantees that work will be completed as per the contract terms. It also guarantees payment for services and materials supplied. Having such an assurance protects your business and provides peace of mind to everyone involved. Here’s a look at surety bonds that may be required for certain businesses or contractors in New York. Types

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What Is a Surety Bond?

Surety bonds are legally binding contracts between three parties. It is a promise to be liable for the debt, default, or failure of another. One party (the surety) guarantees the performance or obligations of the second party  (the principal) to the third party (the obligee). In essence, a surety bond is used to ensure government contracts are completed, to cover

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