Understanding Surety Bonds: Essential for Construction Projects 🏗️

A surety bond, as the name suggests, means a sure thing - at least when it comes to the financial security of construction projects. Simply put, surety bonds are similar to loans from a bank, and construction contractors who qualify for them show owners their ability to do the job right. Bonds bring successful outcomes. <br /> <br />Construction is an expensive and risky business with a high rate of default on project completion, according to experts at the National Association of Surety Bond Producers (NASBP), the Bethesda, Md.-based association for surety bond producers.