There are three basic type of bonds used within the construction industry. They are the bid bond, the performance bond and the payment bond. These three basic types of bonds are used to guarantee that contractor will perform the work contracted, at the price contracted within the period of time contracted. If this doesn’t occur..
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In this installment of surety bonds we will continue to look at major points of the claim process in auto dealer surety bonds. Eligibility Only certain consumers are eligible to process a claim against the auto dealerships surety bond. – Consumer Purchaser: Most of the claims that a consumer will make are related to the..
To avoid confusion we will discuss some of the major points of the claim process in auto dealer surety bonds. Surety bonds are not the same as an insurance policy. A surety bond protects the consumer not the business. The surety bond is an agreement that outlines an obligation of one of the parties, in this case..
In our last installment we began comparing surety bonds and insurance. Many people are under the misconception that because of the similarities between surety bonds and the fact that often insurance companies offer them that they too are a form of insurance. This however is not true. As we previously discussed surety bonds are an..
Most people assume that because surety bonds are offered through an insurance company that a surety bond is a type of insurance policy. This however is untrue. Even though surety bonds and insurance policies have a few insignificant likenesses they are not the same thing at all. In this installment we will discuss the differences..