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Regarding SBAs Surety Bond Program 1. What is a Surety Bond?

April 26, 2017program SBA surety bond

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Regarding SBAs Surety Bond Program 1. What is a Surety Bond?

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A surety bond is a three-party instrument between a surety, the contractor and the project owner. The agreement binds the contractor to comply with the terms and conditions of a contract. If the contractor is unable to successfully perform the contract, the surety assumes the contractor’s responsibilities and ensures that the project is completed.