A surety bond is a three-party agreement between
A surety bond guarantees that you will complete a contractual obligation. If you fail to do so, the surety company will pay a specific amount agreed to by all parties.
If you have been asked to obtain a surety bond for any reason, Socorro Insurance Mart, Inc. is here to help you understand your legal obligations to comply.
Contractor payment and performance bonds protect contractors and home or business owners who engage in business transactions.
The payment bond ensures a contractor or subcontractor receives the payment expected for work completed on a project.
A performance bond protects home or business owners and other contractors from paying for incomplete or sub-par services.
When you need a reputable bonding company in New Mexico, call S.I.M.I. We will ensure that you get the best deal on the best payment and performance bond for your project.
Schedule AppointmentWhile we would all like to believe that each employee is above reproach, some employees do commit fraudulent or dishonest acts, such as theft, forgery, or fraudulent trading. Unethical or illegal practices by any employee can put your business at risk of being penalized.
A fidelity bond is a type of business insurance that safeguards an employer against losses resulting from the fraudulent or dishonest actions of its employees. Also referred to as an honesty bond, this insurance can cover both financial and physical losses.
