In order to ensure the performance of contract work, Surety Bonds have a long historic tradition with records dating back as far as 2750BC. Viking Bond Service, Inc. has brought the time-tested business tool into the twenty-first century operating as a paperless company.
Online PR News – 17-September-2009 – – Peoria, Arizona September 11, 2009 – The Viking Bond Service Company (Performancesuretybonds.com) uses the efficiency of modern information systems presently available and designed specifically for the Surety Bond process. The system streamlines bond applications and assists in the management of the bonds throughout their lifecycle.
The term “surety bond” is used to describe many different types of bonds that consist of three parties: the Principle (the contractor), the Obligee (project owner), and the Surety (the guarantor). The surety bond’s primary function is to mitigate business risk in terms of performance of work, obligation of payment, or other specificities required by the project owner.
Performance bonds are surety bonds that are issued for the performance of a contract. They increase the assuredness that a contractor will fulfill their obligation to the contract in several ways. In order to receive the performance bond, there is a detailed investigation into the contractor’s historic performance, experience, available equipment, and financial health. The performance bond itself provides protection in the unfortunate event that the contractor is unable to perform. The bond may be used to assure that the specific contractual agreement is fulfilled.
Surety bonds provide value for parties requiring contracting. Viking Bond Service provides value to contractors with professionals available to give the basic idea concerning the feasibility of bonding even before a client fills out any paperwork. The bond provides financial security and construction assurance by giving surety to the project owner that the contractor(s) will pay subcontractors, pay labor, pay suppliers, and perform the work in accordance with the contract.
The Viking Bond Service Company employs a rigorous prequalification of the contractor, which protects the project owner and underwriter of the bond. The result is peace of mind that the contractor can fulfill their contractual obligation. For the contractor the process may add value by illuminating areas in which the contractor needs to improve in order to become a more sustainable business and bring more value and confidence to their customers.
For additional information on surety bonds, contact Viking Bond Service at 1-888-2-SURETY or visit www.PerformanceSuretyBonds.com.
About Viking Bond Service: As a nationally licensed Surety Bond Agency, Viking Bond Service is well equipped with clients and agents coast to coast. They manage all types of Surety Bonds with surety bonding through A-Rated and Treasury Listed surety paper. They have a high acceptance rate and a program that can even assist clients that, due to credit, would not qualify. Performance Surety Bonds are required by law when contracting with government agencies and are oftentimes required by general contractors when subcontracting. The result is an increase in the timely and satisfactory performance of the work. The Viking Bond Service makes the process straightforward and streamlined with their paperless system.
Mike J. Herranen, President
Viking Bond Service, Inc.