A surety bond is a contract among at least three parties: the obligee - the party requiring the bond, the principal - the primary entity who will perform the contractual obligation, the surety - the party that financially guarantees to an obligee that the principal will act in accordance with the terms established by the bond.
Depending on the type of work your business conducts will determine the type of bond required. Below are the main types of bonds required in Minnesota
There are a variety of factors that will determine the cost of obtaining a Surety Bond in Minnesota. Often times your personal credit will determine the premium that you will pay. However, depending on the bond and your credit situation, you may be required to provide your personal and/or company financial information.
Consulting a surety expert is the best way to determine your exact surety bond cost. You can request your free quote online instantly, or call (800) 480-3883 to speak with an experienced bond specialist. The ProSure Group will work with you to find the lowest available rate.
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