The most frequently asked questions about surety bonds.
What is a surety bond?
A surety bond is a three party agreement between the Principal, the Surety and the Obligee (entity requiring the bond). The Surety guarantees to the Obligee that the Principal will perform a contract, fulfill an obligation, or follow certain laws.
How much does a bond cost?
Many factors are considered when determining the price of a bond such as bond amount, bond obligation, credit history and net worth. Generally, the cost of the bond will range from $100 to 15% of the bond amount.
How do I apply for a bond?
Applying for a bond is easy. Complete our on-line application or download a PDF application. Apply today. Approved Today.
How do I pay for my bond?
We accept Visa, Master Card and American Express. Simply complete our Credit Card Authorization Form to pay with credit. Or, mail us a check or money order. Make checks payable to ASBA, LLC. Mailing Address: American Surety Bonds Agency 138 Hammond Drive, Suite B, Atlanta, Georgia 30328.
I have my bond…now what?
Once you receive your bond, you must sign the bond and submit it to the Obligee. The bond consists of a signed and sealed bond form and a dated and sealed Power of Attorney. Make sure these two items stay stapled together as the bond is not legal without the Power of Attorney. If you are unsure of where to submit your bond, feel free to contact us or contact the Obligee directly.
I don’t have the best credit; can I still get a bond?
Yes! American Surety Bonds Agency has many programs in place for applicants with impaired credit. Simply complete the bond application to see which program you qualify for.
What is the difference between a surety bond and insurance?
When you purchase insurance, you are purchasing protection from a loss. A surety bond, however, is a guarantee that you will fulfill an obligation and does not protect the Principal, but only the Obligee.