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hello@adaptiveinsurance.ca

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545 King St W, Toronto, On M5V1M1

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Frequently asked questions

What is a surety bond for construction projects?

A surety bond is a three-party agreement involving the project owner, the contractor, and the surety company. It guarantees that the contractor will fulfill their obligations as per the contract.

Surety bonds are often required by project owners or municipalities to ensure the contractor completes the project according to the contract terms and pays all subcontractors and suppliers.

There are several types of surety bonds, including performance bonds, payment bonds, and bid bonds, each serving different purposes to protect the interests of the project owner and other stakeholders.

Applying for a surety bond involves providing detailed information about your company, project, and financial status. Our team at Adaptive Insurance can guide you through the application process to ensure you get the bond you need.

You should obtain a surety bond before starting the project, ideally as soon as the contract is awarded. This ensures compliance with project requirements and provides financial protection from the outset.