Elevate Insurance News

What is bonding and how does it relate to items such as the Grande Prairie Regional Hospital?

When it comes to construction, surety bonds are an important part of the equation to keep a project on track, and to ensure that there’s a backup plan in place if the general contractor defaults on the contract.

A surety bond is a guarantee by a surety company (often an insurance carrier) to pay the project owner (the “obligee”) a specific amount if the general contractor (the “principal”) does not fulfill the terms of the contract. Bonds protect the project

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