What Happens When You Submit Bond Application Online
As a contractor, you have to furnish a surety bond before a project owner can let you begin work on his project. Thanks to the internet, you can also apply for a bond onlinewithout putting in much effort. You just have to follow a simple procedure, which usually takes no longer than a few minutes. Everything is documented as per the norms and is virtually transparent, so you too know that you are dealing with a trustable surety company. You can also compare the quotes of many such companies online before filing your application.
How the process goes
Toapply for a bond online, you have to submit your basic information, including your professional and personal details in the respective sections
The surety company evaluates you, based on your credit history, experience, and how much money you can put in when required
You then receive quotations from the companies you applied with, each carrying different rules and price valuations, leaving it on you to make the final call
Once you choose a company, you have to sign an indemnity agreement with it, agreeing to pay the bond claim in full in case of a default on agreement terms with the project owner
There is usually no other financing option available under a surety bond
