A number of individuals and businesses in the City of San Antonio have to get a surety bond. Typically, you need to obtain a license bond, so that you can meet the legal requirements of relevant authorities.
Overview of San Antonio surety bonds
How do San Antonio surety bonds work? They represent a contractual agreement between three entities. The principal is the party that has to get a bond. The obligee is the city, state or federal authority, which requires you to get bonded. Last but not least, the surety provides the security in the form of a bond.
License bonds are the most commonly used ones, but you may also need contract bonds. If you operate as a construction contractor, you may need them to bid on projects. The typical contract bonds you’d need are performance, payment and bid bonds. In some situations, such as when you act as a fiduciary or when you want to appeal a court case, you may also need court bonds in San Antonio.
How do bonds work? They provide protection against illegal actions you may engage in. If you fail to follow the law in your operations, you can get a bond claim. This is how affected parties can obtain a financial reimbursement for any harms they have suffered.
If you need more information about bonds, you can reach us at (877) 514-5146. Lance Surety Bonds’ specialists are here to help.
Questions about Surety Bonds in Texas
What is the surety bond cost?
Your San Antonio surety bond price depends on the bond amount required from you. You have to cover only a bond premium, which is often between 1% and 5%. The bond rates depend on the bond type and on your finances.
When you apply with a surety, it examines your personal credit score, business finances, as well as any assets and liquidity you can showcase. This is how the strength of your application is assessed. If you are considered low-risk, you can expect a lower bond price.
For more details on how your bond cost is set, our surety bond cost page offers an in-depth overview.
What if I have bad credit?
For most types of bonds except for contract bonds, you can get bonded with us even with problematic finances. Our Bad Credit Surety Bonds program is designed for applicants with issues such as low credit scores, tax liens, bankruptcies, or civil judgements.
The bonding premiums for bad credit applicants are slightly higher - in the range of 5%-15%. However, you can still get a top bond price with us. We work with a number of A-rated, T-listed surety companies. This allows us to choose the best matching bond option for your particular situation.
How do I get bonded?
If you want to start your bonding, you can complete the full application and attach your documents. We will deliver your exact bond price in no time.
Need more information? You can find it in How to Get Bonded page. Still have questions? Just call us at (877) 514-5146.