CAN I USE AN INDIVIDUAL SURETY FOR BID, PAYMENT AND PERFORMANCE BONDS?
Yes, an individual surety is acceptable for all types of bonds except position schedule bonds. 4. WHAT IS NEEDED FOR AN ESCROW AGREEMENT? You need someone or a company that could pledge assets that are sufficient to cover the bond obligation (exclusive of all outstanding pledges for other bond obligations). 5. WHAT IS INVOLVED TO SETUP AN ESCROW AGREEMENT? First, the contractor setups an account with Tripartite Escrow Company (Service Agreement). Second, they enter into escrow agreement with WestAmerica Bank, as the escrow agent, Government, Individual Surety (Person or Company) and Tripartite Escrow Company. Third, an individual surety needs to put cash or real property into escrow Fourth, bonds are issued by an individual surety 6. DOES ESCROW SERVICE OR INDIVIDUAL SURETY HAVE A LIMIT ON SIZE OF CONTRACT? No, but individual surety must have sufficient assets to cover the bond obligation 7. HOW MUCH DOES THE ESCROW SERVICE COST? To setup an account is free. After an account is establi
