Large Commercial Surety Bonds generally include bonds needed in
conjunction with service contracts such as transportation companies, janitorial
companies, garbage collection companies, "non-sticks and bricks"
construction contracts, as well as manufacturing and supply contracts and
software and technology contracts. The underwriting considerations for this
class of business are different from those for the contract bonds and have
become more sophisticated and specialized over time.
One specific class of business where Goldleaf Surety has had great success is
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 software and technology companies for over 15 years assisting them
to obtain the bonds they need.
One success story for Goldleaf Surety was a $6,300,000 final bond for a
software company that was implementing a POS system for a state agency with
over 175 locations. Some of the difficulties with this bond included:
• A multi-year contract
• No personal indemnity
• No year-end CPA prepared financials, only in-house statements and tax returns
They turned to Goldleaf Surety, and we were able to get the bond
in place for them.
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, mitigate
risks, and do all of this in a very timely fashion. For more information on
bonds in the software/technology industry - or for help with any of your client's
bond needs - contact Goldleaf Surety Services today. Learn more at www.bigimarkets.com.