Surety Bonds Seen as Key to Protect Public Interest In Public Sector Construction and Service Contracts
Executives of Unique Surety and Insurance Services, LLC recently presented an educational session on using surety bonding to provide contractual risk management for construction and maintenance projects to the Central Florida Chapter of the National Institute of Government Purchasing (NIGP).
Tom Wurth and Frank Germonto of Unique Surety explained that requiring project participants to be bonded provides a number of advantages for public entities, including:
The presenters also reviewed the federal Miller Act, which requires bonding for all federal government contracts exceeding $150,000, as well as similar requirements by state and local governments. They noted that public entities may choose to establish their own bonding requirements for contracts ranging from $30,000 to $150,000.
According to Unique Surety, four types of surety bonds are especially useful in government projects, including:
“Surety Bonds provide enormous benefit to public owners charged with guarding public funds,” Wurth said. “In short, the surety and the public owner share a mutual goal: The successful completion of the project.”
The presentation, attended by 70 government purchasing officers, is part of Unique Surety’s ongoing work to educate financial and risk management executives in the public and private sector on the effective use of surety bonding to protect the interests of their organizations.
For expert and timely assistance with all aspects of construction- and maintenance-related bonding, contact Unique Surety at 1-561-429-3600 x 1001 or www.suretybondsbyunique.com.
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