Address: 4901 W 136th St #250, Leawood, KS 66224
Phone: +1 913-214-8344
<a href="http://swiftbonds.com"> www.swiftbonds.com </a>
Most guarantees are needed for the construction industry (either for the general contractor or small business subcontractor). In a typical building bid scenario, a contract surety guarantee may be required to provide assurance to the owner that whoever is being guaranteed will actually do what they say that they are going to do (per the terms of the contract). Usually, this is a performance bond guarantee, which provides that the general contractor will perform their job in a satisfactory manner. The other major type is a payment guarantee, where the payments are guaranteed by the surety company, whether to a subcontractor or a material supplier. Most commercial surety companies are a large insurance company, but it is possible to get a corporate surety that is willing to back a bond guarantee (usually in overseas situations).