SURETY BONDS
WHAT YOU NEED TO KNOW
A Surety Bond is an agreement subject to the Bond Form. The Bond is usually required for monetary compensation for failure to perform specified acts referenced in the Bond Form.
A Surety Bond is a generic name for all bonds. Bonds are usually required by the state or Federal Government; these bonds are called License and Permit Bonds.
There are three parts of a Surety Bond, the first is the Obligee. They are the entity requiring the Bond.
Second is the principal. The Principal is the person who will perform the contractual obligations set forth in the Bond Form.
The third part is the Surety Company. They are the entity that will be ensuring the principle of the obligations referenced in the Bond Form.
TYPES OF SURETY BONDS
A. Contract (including payment, performance, bid, labor/material, warranty)
B. General/license/permit/miscellaneous bond type. These can include utility bonds, motor vehicle dealer bonds, ICC broker bonds, lottery bonds, etc.
C. Court bonds (some put this in the above category also) are bonds required by law, like an appeal bond, or a probate bond, and injunction bond, etc.
D. Fidelity bonds deal in commercial crime, employee dishonesty.
WHY DNI SERVICES?
"The most asked question from most potential customers that need bonding is ‘Why do business with DNI Services or Why should I get bonded through DNI Services, LLC”? My answer is always the same. Because we care. It sounds cliches (might be spelled incorrectly) but it is the truth. We care that you attain the bond to secure the contract. We care that you send the message to your customer(s) that you not only have the skill sets but your finances are in order to qualify for a bond. We care that you establish your business as a serious player and that you can compete. Nothing answers that question better than to be bondable.
If you choose an agent, make sure that you are not a number but a business partner with that agent and agency that will be with you until the end. It does not matter if you are just getting started or a seasoned veteran, we want your business, DNI Services LLC only deals with highly rated AM Best Carriers that are t-Listed and licensed in all 50 states.
If you want to discern what your bonding capacity could potentially be, pick up the phone and gives us a call. I guarantee you we will give you our very best effort all the time."
-Don Warren, Owner DNI Services LLC