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Topic: Surety

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Bail

	Edward J. Post Company, Inc., Surety Bond Specialists - Medford, NJ - FAQs (Site not responding. Last check: 2007-11-04)
		The surety has the duty to determine whether or not the principal is in default, and abide by the terms of the bond and any Agreement of Indemnity.
		For example, the surety will examine the validity of the bond, whether notice of default was proper, whether there were material alterations or changes in the scope of the contract or gross overpayments, among other information.
		If the surety is required to perform its duty to the obligee regarding the principal’s contract, the principal is liable to reimburse the surety for that performance.
	verizonsupersite.com /postsuretybondscom/faqs (1403 words)

	Sandia National Laboratories - Surety Workshop -Weapons Surety
		Surety is a level of confidence that a system will operate exactly as planned under both expected and unexpected circumstances.
		Sandia’s surety strategy is transcending its Cold War origins through partnerships with other federal agencies, the Department of Energy, private industry, and universities to help manage the new 21st Century challenges with a new level of confidence.
		The fourth level of surety uses–to the extent possible–only the laws of nature and mathematics to assure safety and reliability, preclude unintended consequences, and continually move toward the goal of absolute surety.
	www.sandia.gov /Surety/SurPres/CentDis.htm (967 words)

	IRMI - Proactive Surety Claims Handling
		Sureties no longer advise performance bond obligees that, because there appears to be a good-faith dispute, the surety will await a resolution before responding to the claim.
		Sureties often face situations where, prior to a default declaration or termination, the obligee is dissatisfied with the principal and expresses this by letter to the principal, copying the surety.
		The first case holds that a surety is justified and not guilty of interference in notifying the obligee to withhold payments to the principal when the principal does not pay subcontractors.
	www.irmi.com /Expert/Articles/2001/Klinger04.aspx (1767 words)

	www.inscodico.com - The Insco/Dico Group Surety Bonds
		Surety bonds, through the surety companies' prequalification of contractors, protect the owner and offer assurance to the lender, architect, and everyone else involved with the project that the contractor is able to translate the project's plans into a finished projects.
		Simply stated, a surety bond is an agreement under which one party, the surety, guarantees to another, the owner or obligee, that a third party, the contractor or principal, will perform a contract in accordance with contract documents.
		Before issuing a bond, the surety must be fully satisfied that the contractor is of good character, had the experience that matches the requirements of the projects to be undertaken, and has, or can obtain, the equipment necessary to perform the work.
	www.inscodico.com (1736 words)

	Surety-FAQs
		A surety bond is a written agreement that usually provides for monetary compensation in case the principal fails to perform the acts as promised.
		A surety bond is an extension of credit involving a three-party agreement between a surety, obligee, and principal.
		The obligee is responsible for reimbursing the surety of any loss and expense resulting from a claim and the surety has the same recourse against the principal as any other creditor.
	www.sanguinettico.com /surety-faqs.html (1006 words)

	SCP Glossary of Surety-related Terms
		The basic definition of surety is that a person or other entity, like a surety or insurance company guarantees to stand in the place of another and guarantee their performance of a specific obligation.
		Surety Company of the Pacific (SCP) performs the underwriting or investigation of the contractor to verify that the contractor has the character, capacity and capital to successfully complete the bonded project.
		For contract surety bonds the contractor will be required to submit a considerable amount of documentation including: a comprehensive application form, information about the project being bonded, complete financial records for the business and the owners of the company, references from customers and trade suppliers and more.
	www.suretycopac.com /Glossary.htm (2013 words)

	Surety - Wikipedia, the free encyclopedia (Site not responding. Last check: 2007-11-04)
		A surety is a person who agrees to be responsible for the debt or obligation of another.
		The situation in which a surety is most typically required is when the ability of the primary obligor or principal to perform its obligations under a contract is in question, or when there is some public or private interest which requires protection from the consequences of the principal's default or delinquency.
		Traditionally a guaranty was distinguished from a surety in that the surety's liability was joint and primary with the principal, wherease the guaranty's liability was ancillary and derivative, but many jurisdictions have abolished this distinction.
	en.wikipedia.org /wiki/Surety (230 words)

	Surety Bonds
		A surety bond is a contract in which the surety agrees to pay the debts or guarantee the contract performance of a principal to a third party -- called the obligee -- if the principal fails to pay its debts or perform on a contract.
		Most surety bonds are sold by insurance companies, which collectively suffered an estimated $50 billion in losses as a result of the terrorist attacks on Sept. 11, about a sixth of the available capital in the insurance industry.
		For many principals, sureties are unlikely to be satisfied with unsecured indemnities in the event that the principals fail to pay their debts and will require cash collateral.
	www.law.com /regionals/ca/stories/edt0416_g.shtml (1031 words)

	Surety Bonds - Nationwide (800) 995-0997 California, Florida, Texas, New York, Illinois
		A.B., as amended, states that existing provisions of statutory law exempt surety insurance from a specified rate rollback, and from certain requirements for receiving approval from the insurance commissioner before setting and modifying rates, and provide in their stead that surety insurance rates shall not be excessive, inadequate or unfairly discriminatory, as specified.
		The California Supreme Court held that these provisions exempting surety insurers from the rollback and other requirements constituted an amendment of the initiative not in furtherance of that purpose, and were therefore invalid.
		Prior to executing a commercial lease, the board may require the posting of bonds, sureties, guarantees or a letter of credit sufficient to ensure that the commercial purposes will be conducted as proposed with no harm to the financial interests of the beneficiaries.
	www.ameribonds.com (6211 words)

	Surety & Bail Bonds (Site not responding. Last check: 2007-11-04)
		Surety bonds are required in a significant number of business transactions as a means of reducing or transferring business risk.
		State and federal government agencies require surety bonds for the purpose of reducing public responsibility for the acts of others, and the courts require bonds to secure the various responsibilities of litigants, including the ability to pay damages.
		A typical surety bond identifies each of three parties to the contract and spells out their relationship and obligations.
	www.insurance.ca.gov /0100-consumers/0100-insurance-guides/0600-other-topics/surety-and-bail-bonds.cfm (939 words)

	SBA - Office of Surety Guarantees - Programs
		A surety bond is a three-party instrument between a surety, the contractor and the project owner.
		The SBA reimburses a participating surety (within specified limits) for the losses incurred as a result of a contractor's default on a guaranteed bid bond, payment bond, performance bond or any bond that is ancillary with such a bond.
		To compensate surety companies for the risk associated with bonding Prior Approval contractors, SBA guarantees 90 percent of the losses incurred on bonds up to $100,000 and on bonds to socially and economically disadvantaged contractors, and 80 percent of the losses incurred on all other bonds under this program.
	www.sba.gov /osg/program.html (1506 words)

	Sandia National Laboratories - Surety Workshop
		Surety is important in terms of our direction in the future, and to the direction of a larger community.
		I don’t think President Truman was a surety expert, but he instinctively recognized that we needed a different approach because of the enormous destructive power of these weapons.
		Sandia National Laboratories is accountable for the surety of the electronic, mechanical, and aerodynamic subsystems of the warhead and for the stockpile infrastructure.
	www.sandia.gov /Surety/Reis.htm (1847 words)

	Surety
		Surety bonding has been used in the construction industry for more than 100 years.
		Surety bonds are required on most large public works projects and they are widely used in the private construction sector as well.
		Commercial surety bonds represent a dynamic financial management tool for a number of enterprises, often providing off-balance-sheet credit on terms and conditions more favorable than other financial instruments.
	www.aon.com /us/busi/industry_specialties/construction/surety.jsp (315 words)

	surety bond associates // about us
		Surety Bond Associates (the "Company") was founded to develop and market innovative surety services to small, minority and women owned businesses.
		Surety Bond Associates is the leading provider of SBA backed bonds in the Mid-Atlantic region.
		The SBA created a Surety Bond Guarantee Program in 1971, which is designed to provide small, emerging, minority and women owned contractors access to contract opportunities and to assist them in getting bonds that can't be obtained through the standard surety market.
	www.suretybondassociates.com /aboutusindex.html (248 words)

	About Surety Bonding
		A Surety Bond is too often considered a form of insurance when in reality it is a unique form of credit that guarantees pre-qualification, performance and credit-worthiness of a contractor - all at a cost much less than the prime and higher rates imposed by lending institutions.
		The Surety Bond is a legal agreement in which the Surety obligates itself to the construction buyer for the default of the contractor.
		The full prestige of the Surety Bond may be due more to the recognition by Obligees of the invaluable partnership that exists between the Agent, the Surety and the Contractor.
	www.ssasurety.com /aboutsb.html (697 words)

	What you should know about buying a Surety Bond
		Depending on a surety company’s claim experience for a certain bond or the surety’s desirability for the type of bond you are requesting.
		SURETY BOND: An agreement providing for monetary compensation should there be a failure to perform specified acts within a stated period.
		SURETY COMPANY: A company which provides an agreement providing for monetary compensation should there be a failure to perform specified acts within a stated period.
	www.bondsexpress.com /whatyoushouldknow.htm (811 words)

	GST/HST and Surety Bond Premiums (Site not responding. Last check: 2007-11-04)
		Since the amendment of the Excise Tax Act in October, 1998, the Surety Association of Canada has received numerous calls from contractors, construction purchasers and design professionals expressing concern and confusion as to how bond premiums are calculated with respect to the GST/HST.
		The Surety Association of Canada does not involve itself in the pricing of the product and leaves this up to individual members to set their own pricing policy.
		The surety will collect $500,000 plus $35,000 in GST from the owner and may apply that amount to its completion cost.
	www.surety-canada.com /contractors/gst.html (598 words)

	Strasburger / Practice / Fidelity & Surety
		The fidelity, surety, and construction practice consists of eleven lawyers in the Dallas office who devote either all or the overwhelming majority of their practice to fidelity law, surety, and construction law, or all three.
		Attorneys in the fidelity, surety and construction practice have gained national prominence as a result of their successful representation of fidelity and surety clients, their extensive writings and presentations on the subject, and their participation as officers and members of important bar association committees.
		For instance, Duncan Clore is a past Chair of the Fidelity and Surety Law Committee of the Tort and Insurance Practice Section of the American Bar Association, a former council member of both the Dallas and Texas Bar Association Construction Law Sections, and is a frequent author and lecturer on fidelity and surety topics.
	www.strasburger.com /Practice/Fidelity.htm (537 words)

	Surety Can Recover from City that Paid Out Disputed Contract Sums to General Contractor Without Surety's Consent
		On June 15, 2001, the surety sent a letter requesting that the city not disperse any contract funds to the general contractor without the surety's consent because the surety was investigating the unpaid subcontractor claims and because the surety was asserting potential subrogation claims.
		Equitable subrogation is the doctrine that permits a surety to acquire and assert the rights of the parties that are paid by the surety.
		Here, in the face of competing claims from the general contractor, the subcontractors and the surety, the city paid the general contractor - impairing the surety's rights and increasing its risks even though the surety was obligated by its payment bond to satisfy the subcontractor claims and was entitled to reimbursement from unpaid contract sums.
	www.constructionweblinks.com /Resources/Industry_Reports__Newsletters/Feb_13_2006/sure.html (800 words)

	Mesirow Financial - Surety (Site not responding. Last check: 2007-11-04)
		Mesirow Financial's Surety Practice streamlines bond portfolio management and aims to reduce costs by combining strong market relationships, advanced technology and the talents of highly experienced surety professionals.
		Surety is an integral part of most risk management programs.
		Mesirow Financial's premiere surety technology, e-view Surety, enables users to directly interact with members of our account team as well as insurance carriers to efficiently manage a surety bond portfolio.
	www.mesirowfinancial.com /corporations/insurance/property/surety.jsp (348 words)

	Article: Surety
		Obviously, surety is not a biblical law; it is a principle.
		The consequence of violating the principle of surety is that you presume upon the future.
		If surety is taking on an obligation to pay without a certain way to pay it (and it is), virtually every home mortgage is surety.
	www.crown.org /Library/ViewArticle.aspx?ArticleId=304 (513 words)

	Surety
		We are proud to say that on all occasions that we either contracted with the surety for completion and/or repair or were tendered to the obligee for completion and/or repair.
		If the obligee and surety proceed to litigation and if this work is not awarded to us, we stand ready to testify regarding the cost to complete.
		The overall project was a $85,000,000.00 housing complex for a portion of the 82nd Airborne Division.
	www.landmarkcorp.com /html/body_surety.html (878 words)

	IRMI - Be Sure of Your Surety Bond!
		The guaranty of the surety company is valuable because the surety examines the principalâ€™s capability to perform the contract and then guarantees this performance.
		Surety bonds frequently are executed by agents or in field offices of the company.
		While there are some exceptions, a surety company generally is required to be licensed by the insurance department for the state in which it conducts business or the state where the obligation guaranteed by the bond is being performed.
	www.irmi.com /Expert/Articles/2000/Schubert06.aspx (1455 words)

	The Surety Group - All Your Surety Bonding Needs. (Site not responding. Last check: 2007-11-04)
		The Surety Group is one of the few agencies in the Nation with a staff dedicated exclusively to surety bonding.
		We specialize in all types of surety bonds including, but limited to, commercial bonds, license and permit bonds, court bonds (exception: bail bonds), fidelity bonds and construction bonds.
		The Surety Group, Inc. represents a number of Surety Companies which are A rated by Best's Review and appear on the Federal Treasury Circular (T-list).
	www.suretygroup.com (257 words)

	Surety 2000
		The surety agent communicates with the client while the Surety Company authorizes electronic power of attorney.
		Surety2000 is available to be electronically integrated with all of these systems, assuring that the Surety Industry will be keeping pace with the demands of government and clients.
		Since Surety 2000 automatically detects discrepancies, the owner/obligee will be able to easily identify any erroneous certificates and contact the corresponding insurance agent with a rejection notification.
	www.surety2000.com /Intro.asp (634 words)

	CNA Surety -
		At this time, CNA Surety has not received any claim under the surety bonds and the principal on the bonds is an Enron entity that has not currently filed for reorganization under Chapter 11 of the Bankruptcy Code.
		CNA Surety estimates that its net exposure, reduced by the anticipated benefits of reinsurance treaties, under outstanding surety bonds issued to various obligees in connection with Enron contractual obligations is approximately $8 million pre tax and $5 million after tax or 12 cents per share.
		CNA Surety Corporation is the largest publicly traded surety company in the country.
	www.cnasurety.com /news/pressReleases/pressRelease.cgi?id=40 (232 words)

	Surety Bonds - Rocky Mountain Surety - Colorado, Arizona, Utah, Nebraska (Site not responding. Last check: 2007-11-04)
		A reliable source of surety credit is vital to contractors engaged in public and private work.
		Contractors are increasingly being asked to post a bond as assurance to project owners and lenders that their work will be faithfully completed on time and all bills promptly paid.
		Surety bonds guarantee the owner of the project that if the contractor defaults, the surety will complete the contract.
	www.rmsurety.com /why.htm (188 words)

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