Sureties have become a vital aspect of many businesses, serving diverse industries and functions. They safeguard customers from contractor negligence or damages and provide credit to contractors for customer claims when contracts are violated.

In essence, sureties act as a guarantee for a service provider's work. Bonded service providers offer customers greater confidence in the services they procure.

Surety bonds in South Carolina are versatile and can guarantee a variety of services, ranging from residential projects to public construction contract bonds. Understanding what sureties are, how they function, and how they can be acquired for business purposes is essential.

As a leading provider of bonding solutions, we cover a wide range of needs. Even if you have bad credit, our specialized programs can help you secure a bond in South Carolina.

What Are Bonds?

Bonds are legal agreements involving three parties. They are often used when an individual or business contracts a service from another entity. Service recipients want assurance that the agreed services will be delivered as promised.

If the service provider fails to honor the contract, the recipient can seek compensation for incurred damages. To ensure this compensation, the recipient may require a bond from the service provider. If needed, the recipient can make a claim against the bond.

In bond terminology, the service recipient is the obligee, and the service provider is the principal. When the obligee demands a bond as a guarantee, the principal obtains it from a third-party surety—an insurance company that issues bonds in exchange for premiums.

If a claim is made, the surety compensates the obligee and later seeks reimbursement from the principal. The surety and principal agree on the bond amount, payment terms, and costs.

Below are the surety options we offer:

Contract Bonds

We're a specialty underwriter for contract surety bonds. Usually these are bonds for construction projects and fall into the categories of bid bonds or performance and payment bonds, but they could also be maintenance bonds or miscellaneous bonds. More specifically, we assist non-standard accounts that standard carriers turned away.