Surety & Guarantee Bonds

Business thrives on trust. Hamswood Insurance Agencies provides bonds and sureties that keep business moving.

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More and more contracts require guarantees that performance will be delivered. Hamswood Insurance Agencies commercial surety bond insurance team has the knowledge and relationships with key sureties to provide assurances for implementing surety bonds and their obligations.

Surety relationships that convert to future growth
Hamswood Insurance Agencies PTE LTD remains an industry leader in providing smart, effective surety bonds for our commercial surety clients. We harness the creativity of our collective underwriting and brokerage experience to enhance or create surety bonds across many industries and niches within Asia. Whether expanding programs via shared surety, co-surety or finding new uses for surety bonds such as replacing Letters of Credit, we find the best intersection of indemnity and pricing for our clients.

UNDERSTANDING COMMERCIAL SURETY VS. CONTRACT SURETY BONDS
Commercial surety and contract surety bonds (also known as construction bonds) are instruments used between three parties: the principal, obligee and surety entity. All bonds provide a line of credit that acts as a financial guarantee to allow the obligee to claim against the bond. As a result, the bond principal is required to reimburse the surety for all claims.

The main difference between commercial surety and contract surety bonds is the intended purpose. Commercial surety bonds are to ensure a business complies with all state regulations while contract surety bonds provide a financial guarantee for debt financing/loan, equity investments, business venture and construction projects etc. Our team of experienced licensed and bond production associates have worked across surety types to make the complex simple.

PROVIDING ASSURANCE THAT KEEPS BUSINESS MOVING

-COMMERCIAL SURETY BONDS-
Commercial surety bonds are required by entities, government or legislation for projects by individuals or businesses. We place commercial surety bonds for domestic and international projects as well as working with customers’ existing programs and facilitating the release of collateral. The customers we serve for commercial surety bonds range from all sectors including healthcare, financial services, public utilities, and private and public companies. We work with you to implement the commercial surety bond for your specific need. There is a spectrum of commercial bonds that include:

-LICENSE AND PERMIT BONDS-
required by the federal, state or local government as a condition to engage in a business activity or in the granting of a permit to exercise a particular privilege, and guarantee compliance with statutes, ordinances and departmental rules.

-COURT BONDS –
used with both plaintiff and defendants guarantee payment in actions of law for costs and damages at the time of judgement.

-PUBLIC OFFICIAL BONDS -
cover the public official's term of office and guarantee that the bonded official will faithfully perform the duties of his or her office.

- CUSTOM BONDS-
These bonds are required by law. Principals under these bonds are typically importers or exporters of articles subject to import or other charges and taxes, custom brokers, or proprietors of warehouses.

-CONTRACT SURETY BONDS-
Contract surety bonds are used primarily in the construction industry, loan & investment transactions, international business ventures etc. These bonds protect the owner (obligee) from financial loss in the event that the contractor (principal) fails to fulfil the terms and conditions of their contract.

-PERFORMANCE BOND-
A bond that guarantees performance of the terms of a written contract. It protects the owner from financial loss should the contractor fail to perform the contract in accordance with its terms and conditions.

-PAYMENT BONDS-
A bond that ensures that the contractor will pay specified subcontractors, laborers, and materials suppliers associated with the project.

-BID BONDS-
A bond that ensures a bidder for a supply or construction contract will enter into the contract within the stipulated time frame if the company wins the bid.

-MAINTENANCE BONDS-
A bond that offers protection in the event of faulty or defective materials, even after a project’s completion for a specified time period (similar to a warranty).

-SUPPLY BONDS-
A bond that ensures a supplier will produce the supplies or materials specified in the contract. If the supplier were to default, the bond protects the purchaser from any losses.