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Surety Bonds in Georgia

Surety Bond GA

With Viking Bond Service, securing the surety bond your business needs is easy. As one of the leading surety bond companies in Georgia, our expert team is here to make the application process simple, quick, and understandable. Our bond agents have many years of experience and are knowledgeable about both commercial surety bonds and contract surety bonds in Georgia. We understand that you often need a bond to keep your business trading, that's why we've developed an efficient service that can get you a bond premium quote on the same day that the application is submitted. We'll help you get the surety bond you need when you need it!

How Do Surety Bonds in GA Work?

There are many different surety bond types, but they all work in basically the same way. There are three parties involved:

  • Principal – The person required to get the bond and accept financial liability for claims.
  • Obligee – The person with the right to file claims against the bond because of damages caused by the principal.
  • Surety – The company that guarantees payment to the obligee if the principal can't or won't pay for claims. The principal must repay the surety for any claims it settles.

Here's a breakdown of how surety bonds work:

  1. When someone feels they have been the victim of illegal or unethical misconduct, or had the terms of a contract violated, they may file a claim against the surety bond.
  2. The surety will investigate that claim, and if the details hold up, the principal must pay the claim amount. If they don't, however, the surety will pay the obligee – guaranteeing payment for valid claims.
  3. The surety will then focus on collecting the amount paid (plus interest and fees) from the principal who has liability for all claims under the terms of the bond agreement.

Why Are Surety Bonds in Georgia Required?

Bonds are commonly required to get a license or finalize a contract because they help build trust. They do that in two ways. First, by making someone accountable for their misconduct and thus creating motivation for them to behave honestly. Second, by guaranteeing victims payment for financial losses caused by the bondholder. Like other states, Georgia's surety bond requirements are used to encourage lawful behavior, which helps to promote commerce and protect the public good as a result.

Who Needs Surety Bonds in Georgia?

Many people need surety bonds in The Peach State, ranging from entrepreneurs to professionals, contractors, and ordinary individuals. Georgia surety bond requirements can appear unexpectedly. They can also be a major obligation for people in certain industries. That's why it helps for anyone in Georgia to know where and how to get a surety bond should the need ever arise. Rely on Viking Bond Service to meet all those needs.

How to Get a Surety Bond in Georgia

All types of surety bonds in Georgia can be obtained through a bonding company. Viking Bond Service is one of the premier Georgia surety bond companies. We offer three ways to apply for a commercial bond: on the phone, via email, or using our online application form. This is a simple process that can be completed quickly, with an underwritten bond generally finalized within a few days. Contract performance bonds have a slightly more in-depth application process that our agents will be happy to complete with you on the phone.

The Cost of Georgia Surety Bonds

Your GA surety bond cost will be calculated based on a number of key factors. These factors include the bond amount, the bond type, and the financial information submitted with your application. Each application is assessed for the likelihood that a bond will be claimed against. This risk factor has a strong influence on your bond premium. People with strong credit scores and businesses with solid financial histories will pay lower premiums. If you do have a low credit score Viking Bond Service can still help you secure the right bond!

Common Georgia Surety Bonds

There are two main categories of surety bonds in Georgia: contract bonds and commercial bonds. The team at Viking Bond Service is knowledgeable about both types of surety bonds.

Your business may need to maintain an active commercial surety bond due to state or federal regulations.

Common commercial bonds include liquor bonds, mortgage broker bonds, private school bonds, and auto dealer bonds. There are many other types of commercial bonds also available. Our agents can advise you on finding the appropriate bond for your business.

Contract performance bonds tend to be used in the construction industry. There are four main types of contract bonds: bid bonds, maintenance bonds, payment bonds, and performance bonds. These bonds provide a financial form of recompense should the agreed upon contract terms not be met, which generally means that work wasn't completed or goods were not delivered. Viking agents are experts in all four types of contract bonds.

Other Georgia Surety Bonds

Someone headed to court for a criminal or civil trial may be required by the judge to get a court bond. The bond requires them to follow through with the judge's final ruling, especially when that ruling requires them to pay money to the other party involved in the legal proceeding.

Fidelity bonds are not mandatory (like the other three types) but are a type of bond that businesses choose to get to protect against employee misconduct (theft, fraud, property damage, etc.). The bond will pay either the business for damages resulting from this misconduct, thereby providing protection against a common business risk.

Get Surety Bonds in GA From Viking Bond Service

Choose Viking Bond Service to secure the GA surety bond your business needs when it needs it. You can get a quote in under 24 hours for a surety bond in GA here. For more expert information on the bonding process and GA surety bond requirements, contact us online or call 1-888-2-SURETY (1-888-278-7389).

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