Surety and Bonding Services
Defined as a credit relationship where one party guarantees itself to another party to respond to a debt or default to a third party, surety plays a big role of what we do as a construction broker. Our partnerships with a wide range of leading surety companies means our team is experienced and ready to assist with all your bonding needs.
Contract surety bonds provide assurance and financial security for construction projects. They guarantee that a contractor is qualified to perform the work and will pay the suppliers, labourers and subcontractors engaged on a project.
Commercial surety bonds are a cost-effective method of guaranteeing compliance with a diverse range of laws and regulations. Types of commercial surety bonds include, but are not limited to: customs, excise, licence, permit, and fiduciary bonds.
Most commercial surety bonds are required by certain legislation and guidelines that affect a wide variety of business activities. These bonds are put up as a form of financial protection for contracting organizations (usually government). They are an assurance that the insured contractor will conform to appropriate legislation and other requirements.
Examples of Types of Bonds
Surety’s consent (agreement to bond)
Labour and materials payment bonds
Contact us to learn how CIMI can help with your insurance requirements.