USA Bonding Program
Approved Surety facilitates Canadian Bonding for U.S and other foreign companies/ non-Canadian residents offering Broker access to hundreds of Miscellaneous Surety including:
- Construction Bonds
- Performance Bonds
- Bid Bonds
- Payment Bond
- Estate Bonds
- Bank Guarantees
- License Bonds
- Fiduciary Bonds
- Customs Bonds
- Fidelity Bonds
Approved Surety also gives Canadain insurance brokers access to USA Bonding markets that allow their Canadian contractor clients to apply for USA construction-based tender Bonds, most specifically:
SURETY’S PREQUALIFICATION LETTER
Contractors are increasingly required to prequalify with owners and architects before being permitted to tender on a job. As part of this process the contractor often must submit a letter from their surety company that they have a bond facility in place.
A Bid Bond guarantees that the winning bidder will enter into a valid contract and will provide the required performance security.
AGREEMENTS TO BOND/ CONSENT TO SURETY
An Agreement to Bond commits the surety to providing Performance and Payment Bonds if the contractor is awarded the contract.
The Performance Bond provides a financial assurance that the contractor will complete all the terms and conditions of the contract.
LABOUR & MATERIAL PAYMENT BONDS
The Labour and Material Payment Bond provides a financial assurance that the contractor will pay parties who have worked on or supplied to a bonded contract.
A Maintenance Bond will guarantee that the contractor will comply with the warranty (guaranteed maintenance) provisions of the contract. Note that a performance bond guarantees all the provisions of the contract, so a separate maintenance bond is usually not required.