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Developers, contractors, and producers oftentimes need to secure loans in order to finance a project. So, they turn to banks and other investors for these funds. Banks and investors will then require a completion bond in order to guarantee the project they are financing will be completed. That way they can guarantee at least some sort of return on their investment.
In most cases, banks and financial institutions require completion bonds when lending money for a project. Although, governments and private project owners can require completion bonds as well. In a case where a bank lends a developer money for a project and requires a bond, the Obligee would be the bank and the developer would be the Principal on the bond.
Contact The ProSure Group! As surety bond experts in business since 1993, The ProSure Group has issued hundreds of Completion Bonds and has partnerships with more than 30 different surety companies. This ensures that we get you the best, most competitive pricing and terms available in the marketplace. You just need to complete our simple application and one of our specialists will quickly contact you.