Remember these from school? I always found them slightly annoying.
OK here we go! Match up each one with its mate.
| 1. This surety bond has an annual term. Plumbers and electricians need them. The bond runs to the contractor’s municipality. | Site Bond
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| 2. Surety bond accompanying a project proposal. Bond has no expiry date and usually are never cancelled. | Power Of Attorney | |
| 3. Guarantees the construction of “public improvements.” | FIA Surety: 856-304-7348
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| 4. Provides project info such as costs, billings and expected profits. | Work In Process Schedule | |
| 5. Provides project info such as performance &/or claim issues, degree of completion, date of acceptance, final contract amount. | Overrun | |
| 6. Proves that the person signing the bond on behalf of the surety has the authority to do so. | Pierre
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| 7. Performance bond premium charge for increased contract amount. | Contract Status Inquiry Form
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| 8. Who you call for site, subdivision and contract surety bonds. | Bid Bond
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| 9. Capital of South Dakota | License Bond |
OK let’s see how you did.
- This is a license bond. Usually written in low amounts and freely issued.
- That’s a bid bond. They guarantee the bidders sincerity and interest in the project.
- Site bonds cover water, sewer, sidewalks, roads – not the buildings.
- Work In Process Schedule prepared by the construction firm using internal info only they have.
- Status Inquiry Form prepared by the project owner indicating the degree of acceptance of the contractors work and indicating the overall health of the project – in their opinion.
- Power of Attorney is attached to every surety bond proving its authenticity.
- Overruns may be charged when contract increases occur or at the end when the job is completed / accepted.
- FIA Surety expertise to solve your bond toughies. And we guarantee a same day response!
You see, bonds CAN be fun and rewarding.
FIA Surety is a NJ based bonding company (carrier) that has specialized in Site, Subdivision and Contract Surety Bonds since 1979 – we’re good at it! Call us with your next one.
Steve Golia, Marketing Mgr.: 856-304-7348
Secrets of Bonding 