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A surety bond is normally purchased by a business and issued by an [[insurance]] company to insure the customer that the business will deliver the [[good]]s or services they are contractually bound to deliver.
A '''surety bond''' is normally purchased by a business and issued by an [[insurance]] company to insure the customer that the business will deliver the [[good]]s or services they are contractually bound to deliver.
They are often used in construction projects where the contractor will buy a bond that guarantees to his customer that the work will be completed. Should the contractor be unable to finish the contract, perhaps due to bankruptcy, the surety will pay to the customer up to the [[bond]] value to have the work completed.
They are often used in construction projects where the contractor will buy a bond that guarantees to his customer that the work will be completed. Should the contractor be unable to finish the contract, perhaps due to bankruptcy, the surety will pay to the customer up to the [[bond]] value to have the work completed.