At Pinnacle Surety, we’re a fully-licensed agency that’s capable of handling all your surety bond requirements. We’re licensed in all 50 states and are one of the leading surety bond agencies in California. As a matter of fact, we win awards for our services, which shows the high-level we aim for.
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If you’re looking for surety bonds in California, then you’ve certainly come to the right place. Our decades of experience puts us in the best possible position to provide surety solutions for our clients. As you may or may not be aware, there are loads of different types of surety bonds out there. Therefore, it makes sense to understand which ones are best suited to you. To help you do this, take a look at our services below:
Contract Bonds
We offer a range of contract bonds for our clients to use for various needs. There are three types of surety bond that fall under this heading: bid bonds, performance bonds, and payment bonds.
Bid Bonds
Bid bonds are used during the bidding process of construction jobs or other similar projects. The project owner gets one of these bonds as protection if the winning bidder doesn’t enter the contract and pursue the project. It’s in place to ensure they definitely do follow through with the job.
Performance Bonds
Performance bonds are put in place to guarantee that the project owner (who is the obligee of the bond) is protected against the contractor that’s due to be completing the project. The terms of the bond state that the contractor will meet all the terms & conditions set out in the project contract. Essentially, it helps the project owner feel confident that they won’t lose money. If the contractor follows the terms & conditions, then the project should be completed on time and to the standard desired. If not, then the project owner can claim against any financial loss. This type of surety bond is also known as a maintenance bond or construction bond in some circles.
Payment Bonds
Another contract bond we offer are payment bonds. As the name suggests, this surety bond is all to do with money and payments. Project owners are guaranteed, by the bond, that the contract will cover all payments to subcontractors, laborers, and anything else used to complete the project. Generally speaking, payment bonds are made in an amount that equates to the price of the contract for the project. It basically ensures that the contractor doesn’t go over budget and try to charge the project owner for the extras.
If you think contract bonds are exactly what you need, then get in touch with our team today, or head to the Contract Bonds page on our site to learn a bit more.
License And Permit Bonds
We also offer lots of different license bonds and permit bonds for all of our clients. These surety bonds are used by both individuals and businesses when they intend to carry out a specific activity, perform a certain job, or get a professional certification. In a lot of these cases, a license or permit bond is needed to protect the general public or governing agencies against the individuals or companies. They receive protection against any wrongdoings or illegal behavior that may be exhibited. For example, a company commits an act of fraud against a member of the public, and that person is protected by the bond. As such, they can make a claim against the bond to reclaim any lost money.
We also cover many more license and permit bonds, and you can check out our full offerings on the License and Permit Bonds page on our site. They span many different industries, which means we often deal with clients from different backgrounds, with very different needs.
Subdivision Bonds
Subdivision Bonds, or developer bonds as they’re commonly known, is all about improvements and development projects. The reality of a subdivision bond is this; public bodies or councils are protected against improvements/developments made to land by a developer or the owner of a property. In essence, the bond exists to help move the financial responsibility away from the public body and to the property owners or developers until the projects have been completed. They give public agencies confidence that the developer will complete all the specific improvements and fund them as well. Often, these are used in conjunction with Payment Bonds.
A brief example of a subdivision bond in action is if a development company is tasked with improving the sidewalk on a public street. The local council (or whoever owns the street) is given assurance that the development company will improve the sidewalk and pay for all the improvements they make. If they fail to do so, money can be claimed against the bond to recover some financial assets.
To get a more detailed view of things, head to the Subdivision Bonds page on our site, or get in touch with us today.
Court Bonds
Finally, we offer various court bonds that you can use as well. These bonds are exclusively used in court proceedings to help prevent financial losses. There are typically two types of court bonds; Judicial bonds and Probate Bonds.
Judicial Bonds
These are used when a civil proceeding is about to be entered. Their primary purpose is to guarantee that the costs of the legal action can and will be paid. If for whatever reason, the costs can’t be paid, then a claim can be made to regain the financial losses.
Probate Bonds
In contrast, probate bonds deal with situations where someone is ordered to look after someone else or take care of their assets. This bond ensures that all duties are performed faithfully as laid out by the court ruling.
There are loads of different types of judicial and probate bonds, which you can see on the Court Bonds page on our site. Feel free to also contact our team if you want more info on this particular service.
Contact us today if you’re interested in any of the surety bond services we provide. A member of our team will always be on hand to take calls or reply to emails. For an award-winning service, choose Pinnacle Surety!