Generally, large commercial surety bonds are required in conjunction with service contracts, such as transportation companies, janitorial companies, garbage collection companies, "non-sticks and bricks" construction contracts, manufacturing and supply contracts, and software and technology contracts.
In particular, Big “I” Markets partner Goldleaf Surety has had great success with performance and payment bonds required by contracts for software and technology projects. While many bond providers will tell you that surety companies do not write bonds for this type of work, Goldleaf Surety has been working with these types of companies for over 15 years.
Recently, Goldleaf Surety placed a $6.3-million final bond for a software company that was implementing a point-of-sale system for a state agency with over 175 locations. The bond presented several challenges, including a multiyear contract, no personal indemnity and no year-end CPA-prepared financials—only in-house statements and tax returns.
Software and technology surety bonds are a unique type of bond, and you need an experienced team of bond specialists to help you navigate the process and mitigate risks in a timely fashion.
To learn more, visit Big "I" Markets
or call Goldleaf directly at 888-294-6747 and ask for Lori Olson.