Though it’s unusual, there may come a time when you need to cancel a bond you have in effect, or when you face the danger of cancellation by another party. In general, this is not an easy process, as many states have enacted laws over the past several years which restrict the circumstances under w...
Month: January 2018
3 Types of Surety Bond Collateral
Many people are surprised the first time they seek a bond, to discover that collateral can become a vital part of the process. Since in many ways, a bond is more akin to a loan than to an insurance policy, bonding agencies can often desire something against which they can secure the services they of...
Commercial vs Contract Bonds
Anyone involved in the construction or contracting industries knows the importance—and the sometimes-unfortunate complexities—of surety bonding. Getting bonded carries so many benefits for your business, and may even be a legal requirement, depending on the work and individual project you’re p...
Arizona Little Miller Act Statute
The Little Miller Act is a state statute which is based upon the federal act known as the Miller Act. These acts are vital for regulating the performance bond and surety industries in states, and making sure that contractors can fulfill their responsibilities to not just their clients, but to their ...