Bonding For Your Business
If it is a fidelity bond then the beneficiary is not the client, but the company between them and the company that bonded them for insurance purposes. If it is a Surety bond then that is a three way agreement among the company, client, and the company doing the bonding for them.
This can be a mandate depending on the industry you are in and what type of business you perform. It can also be a huge marketing piece of assurance for many potential clients to show that you are credible and worth doing business with for a long period of time.
There are so many different types of bonds based on even your performance or payment depending on the completion of a contracted job. Even if you are awarded the job you will get a bid bond where you get paid on a position that you win. So many of these bonds require a lot of research to find what is best for you and what will fit your field of requirements.
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Filed Under Miscellaneous |
Tagged With beneficiary, bid_bond, bonds, doing_business, fidelity_bond, insurance_purposes, marketing, protection_purposes, surety_bond
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