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Is surety bonding included in a wrap-up?

April 26, 2017bonding included surety wrap-up

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Is surety bonding included in a wrap-up?

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A. For a variety of reasons, including cost to the project owner and administrative requirements for the owner and the surety, typically surety bonds are not included within a wrap-up program. Unlike insurance carriers, surety bond issuers do not pay losses, they guarantee contract completion and then seek recovery from the defaulting contractor.