This week’s ENR magazine contains a great editorial about Fraudulent Surety Bonds. Please view the article here: ENR Article. This is another reminder that Obligees need to verify the validity of the bonds that have been submitted to them as a guarantee of contract completion.
As an NASBP member, Early, Cassidy & Schilling, Inc., encourages you to be a knowledgeable consumer of surety credit and to verify the authenticity of every contract surety bond before acceptance. You can perform this important task expeditiously by undertaking a two-step process identified here: Always Verify Your Bond, which will help you confirm that the surety is licensed in the jurisdiction of the project and that the bond has been authorized by that surety.
Need any help with this? Contact myself, Lynne Cook, SVP of Surety, or anyone in the Early, Cassidy & Schilling, Inc. Bond Department at 301-948-5800.