A surety bond is an agreement between three parties
- Bondholder (principal): The entity needing the bond
- Surety: The entity writing and providing the bond
- Obligee: The entity requiring the bondholder obtain the bond
Based on this agreement, the obligee receives a financial guarantee from the surety that the principal will adhere to the terms established by the bond.
Acumen has relationships with multiple sureties and brokers that can facilitate getting bonds quickly and cost effectively. The benefits of having Acumen obtain your bonds it that we will work on your behalf to obtain best possible pricing and we will maintain your bonds. This means we will monitor your bonds renewal due dates, forward them to the obligees on your company’s behalf, handle payment of your bond premiums, and have electronic bonds issued and signed.
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Typically, the surety bonds we obtain on our clients’ behalf consist of the following:
- License and Permit (L&P) Bonds: These bonds are required by the government agency responsible for regulating the business activity as a condition of licensure for a business. L&P bonds apply to hundreds of different occupational licenses and are one of the most common types of surety bonds. They come in both hard copy and electronic format depending on the government agency requiring the bond.
- Client Contract Bonds: These bonds, also known as Performance Bonds, are issued to an obligee as a guarantee against the failure of the other party in a contract to adhere to the terms established by the bonds. These bonds are often required by creditors in the public sector such as utilities, municipalities as well as colleges and universities, but are also used by private companies such as lenders and debt buyers.
- Fidelity Bonds: These bonds, also known as Commercial Crime Policy (CCP) bonds, are insurance protection that covers policyholders or obligees for losses that they incur as a result of fraudulent acts by specified individuals. It usually insures a business for losses caused by the dishonest acts of its employees. It also insures an obligee from dishonest acts of specified individuals working for the bondholder.