Guaranteeing the performance of another man is an ancient practice. We trace the origins of surety bonds back to a Mesopotamian tablet on which the first contract of suretyship was written in 3,000 BC.
More recently, the Guarantee Society of London kicked off the modern era by becoming the first corporate surety in 1840.
Meanwhile here in the States, legislation was enacted in the 1850s, turning corporate surety into big business.
Today, surety bonds are applied around the world to guarantee many different business obligations.
CIG is appointed and trusted by America’s largest surety companies as attorneys-in-fact to issue bonds out of our Charleston, South Carolina office to clients and customers across the nation.
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Contract Surety Bonds
On construction projects the bond guarantees the contractor will pay his materialmen and suppliers (Payment Bond). Also guarantees the contractor’s workmanship (Performance Bond) and every word in the contract. Other examples are bid & maintenance bonds.
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Commercial Surety Bonds
Required for businesses by municipalities, states and federal government for permits & licenses, compliance, and particular privileges (Customs bonds & Utility Deposit bonds). Used when there is no underlying agreement. Other examples are Supply & Veterans Administration Fiduciary bonds.
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Court & Fiduciary
When the judge appoints a fiduciary (Guardian, Executor, Trustee), he or she may also require a guarantee protecting the beneficiary’s assets. The estate and beneficiaries are thus protected against theft, fraud, embezzlement and misrepresentation.
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Environmental Surety Bonds
Provides guarantees that protect the unbuilt environment from over development, as defined by the local governing body. Also used to guarantee return of the land to its pre-improvement condition such as Land reclamation and Solar Decommissioning bonds.
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License & Permit Bonds
Used together with permitting & licensing in specific business endeavors. Guarantees the business will comply with statutes and local laws in their particular area of business & commerce. Examples are the South Carolina LLR bond and Contractor’s General Contractor License bond.
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