The Univesta advantage: Surety bonds

Our team of highly qualified surety experts are known for their quick turnaround and their ability to provide complete and personalized service. Since we deal with numerous insurers, we can offer you the very best solution for your needs.

Whether it’s for obtaining a licence or permit bond appropriate for your industry or a pre-qualification study to determine your company’s contract bond requirements, our team of experts will be happy to advise you.

What is a surety bond?

A surety bond is a written agreement whereby the Surety guarantees that the obligor will fulfill its guarantees that the debtor will fulfil its obligations to a third party (the creditor).

Under the agreement if the obligor defaults on its obligations, the surety must complete the work on behalf of the obligee or pay the costs of completion on behalf of the obligee. Contrary to popular belief, a surety bond is not an insurance policy. It is actually a business partnership between the client and the surety! Often mandatory, a surety bond increases the level of confidence between the company and its suppliers, its customers or any other organization that requires a bond, by protecting them against the damages resulting from the potential inability to fulfill certain commitments. Surety bonds are therefore an essential component of a company’s financial services basket.

Primary surety bonds available

Licence/permit bond

 

Contractor surety bond

  • Bid bond
  • Letter of intent
  • Performance bond
  • Bond for the contractor’s obligations with respect to labour, materials and services
  • Maintenance bond

 

How to prepare for a new request

To expedite the processing of your request, please have the following documents ready:

  • Annual external financial statements of the company
  • List of receivables, as at the same date as the balance sheet, including explanations for accounts 90 days or older
  • List of accounts payable, as at the same date as the balance sheet
  • Annual financial statements of affiliated companies, if any

Other documents may be requested during the initial review.

If you do not have all the information requested above, please feel free to contact our team to begin the process. Note that missing information can be provided later, depending on the availability of certain documents.