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WEB120314 - Corporate Surety vs. Individual Surety: What's at Stake for Your Company? 
Date/Time:
March 14, 2012   3:00pm - 4:00pm
 
Format:
       
  Synced Audio / Video / Slides
 
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The use of individuals serving as sureties on federal construction projects has been part of the federal procurement landscape for some time. Individual sureties, however, are not subject to the same review and certification process that corporate sureties undergo to write on federal projects. Corporate sureties that write bonds on federal construction projects must possess a certificate of authority from the U.S. Department of Treasury, which conducts a financial review of the surety and sets a single bond size limit for the surety.

On the other hand, individual sureties, who are not vetted by the U.S. Department of the Treasury and who must be individuals, not companies, partnerships, or other unincorporated firms, are evaluated solely by the contracting officer during the course of a particular procurement and puts a tremendous burden on the contracting officer to evaluate the financial stability of the individual and the quality and acceptableness of the assets that will guarantee the bond.

This presentation will provide you with a practical understanding of key differences, which will assist you in evaluating the quality of the sureties and the efficacy of the bonds they issue.

After this session, you will be able to:
  • Explain the differences between corporate and individual sureties;
  • Identify the risks associated with individual sureties and how you can avoid them; and
  • Determine how to evaluate the quality of a bond.


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