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Old 09-22-2008, 09:15 AM
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Join Date: Sep 2008
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Default Advantage of paying for additional years for my Surety Bond

I have a quote for a one year contractor license bond my client was thinking about paying to have the bond cover a two year term. What is the advantage of having the surety bond do this ?
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Old 09-22-2008, 09:39 AM
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Default Extend the term of your Surety Bond

One advantage of extending the term of the surety bond is that you do not have to worry about qualifying for the surety bond next year and running into the risk of paying more money.
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Old 09-22-2008, 09:42 AM
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So if my client's credit goes south the first year in business they would have a extra year to get back on track
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Old 09-22-2008, 09:45 AM
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Default client's credit goes south for the surety bond renewal

Hopefully that is not the case but your client would not have to worry about qualifying for the surety bond until it came up for renewal normally
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