The short answer is: a document that continues the life of the original surety bond.
Not sure what a surety bond is? Read our What Is A Surety Bond post.
It’s not a secret that consumers have been burned by unscrupulous contractors time after time. Whether it’s because of contractors questionably subcontracting out projects, delaying the development and going over budget, or applying other deceitful practices, consumers have now become extra cautious when hiring contractors.
One way that both contractors and clients can protect themselves is through a Performance Bond.
Insurance Bonds (more commonly called surety bonds) can either be continuous or renewable. In this short article, we will explain the difference between the two and answer the question “how long does a insurance bond remain in effect?”
It doesn’t matter if you work independently, with an organization or business, or in some other fashion. If you do any sort of work that involves contracting in a physical capacity and receive funds for the work that is completed, you’ll need an Oregon Contractors License.
Short on time? Jump straight to the tutorial on how to get your Oregon CCB License.
Want to see how much a Contractor License Bond would cost you? Get a FREE Contractor License Bond Quote.
When you hire new employees, you normally have an interview process. Sometimes you might even run a background check on potential candidates. But does this mean your business is protected from theft or fraud? No. Many companies decide to purchase a Fidelity Bond for added coverage for their business.
Short on time? Get a Fidelity Bond with our Interactive Fidelity Bond Application.
Surety bond costs can vary widely from bond to bond. Some bonds are as inexpensive as the 4-year Kentucky Notary Bond which you can get for $30. That is literally 2 cents a day spread over the lifetime of the…
You like to have a feeling of certainty about your decisions. How do you know if it’s worthwhile to get a surety bond? Surety bonds are all about that certainty — a way to build trust between your company and your clients.
A surety bond is a relationship between a company, a client, and a surety bond provider. If things go awry and the company cannot fulfill its obligations to the client, then the surety bond company will step in to help the client.
Surety bonds are different from insurance. Insurance protects the person who holds the policty. A surety bond does not protect the person who holds the surety bond. Rather, a surety bond protects the clients of the one who has the surety bond. You can learn more about the differences between surety and insurance.
Not sure if you need a surety bond? Check out this post: 4 Reasons You Might Need a Surety Bond.
Short on time? Read our Surety Bond FAQ.
Surety bonds are similar to insurance policies, but there are a few key differences. For example, while an insurance policy is a two-party agreement (between the insured and the insurer), a surety bond is a three-party agreement.
You can learn more about how surety bond and insurance are different.
With contractors, a surety bond is an agreement between the contractor, the contractor’s client, and a third party surety bond company. The surety bond company covers the contractor’s promise to complete the terms of a contractual agreement between the contractor and client.
In an effort to protect consumers, Washington requires all contractors to have a Washington State Contractors License before they begin working in the state. Here is a step-by-step guide on how to obtain your Washington State Contractors License.
Want to see how much a Contractor License Bond would cost you? Get a FREE Contractor License Bond Quote.
Every state will have a different Private Investigator License process. PI Now has a great page on how to become a private investigator. Below we’ve outlined the basic steps that you need to take.
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