A surety bond is defined as a three-party agreement that legally binds together a principal who needs the bond, an obligee who requires the bond and a surety company that sells the bond. The bond guarantees the principal will act in accordance with certain laws. If the principal fails to perform in this manner, the bond will cover resulting damages or losses. When is a bond such as this used?
Within this guide, we will share five important reference pages that discuss Surety Bonds and when / how they are used. To view information on New York Surety Bonds, please visit our New York website.
How do Bonds work? – NFP Network
Florida Surety Bonds – NNA Surety
10 Things about Surety Bonds – Florida Surety Association
2023 Florida Statutes – The Florida Legislature
Suggested Format – Florida Revenue Department
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John Caravella Esq., is a construction attorney and formerly practicing project architect at The Law Office of John Caravella, P.C., representing architects, engineers, contractors, subcontractors, and owners in all phases of contract preparation, litigation, and arbitration across New York and Florida. He also serves as an arbitrator to the American Arbitration Association Construction Industry Panel. Mr. Caravella can be reached by email: [email protected] or (631) 608-1346.
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