Practices For Construction Surety Bonds At The Tendering Phase

​Surety bonds are necessary for every construction project. It is a risk transfer mechanism that provides financial security and construction assurance on a project. This agreement ensures that the construction workers can complete the job according to the policy. 

The way of processing a surety bond has evolved through the years. However, its detailed drafting does not change—even from the 10-day fax machine to a more electronic transaction. 

Even with a more convenient and quick surety bond process, you still need to be more interested in its process. This article will focus on the practices during the surety bond’s tendering phase for a glimpse of how it's done. 

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