Richmond Hill Litigation Law Firm

Surety Bonds And Construction

A surety bond is a type of insurance. For construction workers, it’s used as financial security for a construction or renovation job. If the work isn’t completed for whatever reason, an insurance agency will provide financial security for the losses. The contractor would then need to pay back the surety as well.

It’s a contract that’s signed at the beginning of a project between the construction company, the person who hired the construction company, and a financial institution who will control the transfer of funds.

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Richmond Hill, Ontario L4B 3H7

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