Skip to main content
#
Call Us Today!

Bonds

A surety bond is a contract among at least three parties:

  • The obligee - the party who is the recipient of an obligation
  • The principal - the primary party who will be performing the contractual obligation
  • The surety - who assures the obligee that the principal can perform the task
Through a surety bond, the surety agrees to uphold — for the benefit of the obligee — the contractual promises (obligations) made by the principal if the principal fails to uphold its promises to the obligee. The contract is formed so as to induce the obligee to contract with the principal, i.e., to demonstrate the credibility of the principal and guarantee performance and completion per the terms of the agreement.
 

Contract bonds

Contract bonds are used heavily in the construction industry, are a guarantee from a Surety to a project's owner (Obligee) that a general contractor (Principal) will adhere to the provisions of a contract.

Included in this category are:
  • bid bonds (guarantee that a contractor will enter into a contract if awarded the bid)
  • performance bonds (guarantee that a contractor will perform the work as specified by the contract)
  • payment bonds (guarantee that a contractor will pay for services and materials)
  • maintenance bonds (guarantee that a contractor will provide facility repair and upkeep for a specified period of time)
There are also miscellaneous contract bonds that do not fall within the categories above, the most common of which are subdivision and supply bonds.

Contact us to learn more about how we can help with your bond needs.

With Permission Insurance Information Institute, Inc.  ALL RIGHTS RESERVED 

Quick Links

Quick Quote Request 

Send To Agent
What Our Customers Are Saying... 

Todd M. Cary, NC

Just completed a 6 figure complex commercial renewal with Carter Glass. I've shopped other agencies, but didn't do so this year. Carter has a high level of knowledge about Commercial Insurance policies and spent many hours effectively laying out my options, costs and strategies. What I've found is a comfort level knowing I am properly insured at a fair cost. This can get so complicated that I need someone I can trust to handle it. I also moved our BCBS plan as Carter is an agent for them.

We have many certificates of insurance and items to handle on a monthly basis and the staff has handled them quickly and professionally. Same goes for Personal Insurance, but it's not quite as big a concern to me as my commercial accounts.

Get A Quote
Contact Us

Carter Glass Insurance Agency
5901 Falls of Neuse Rd.
Raleigh, NC 27609
Phone: (919) 230-8760
Email Us

  


Terms & Conditions | Copyright | Privacy Policy
©2008-2016 Carter Glass Insurance Agency
North Carolina License: #1000331173

Insurance Websites Insurance Web Designs - Insurance Websites | webmail login | admin login