Monday, August 24, 2015

Why surety bonds are needed

n the construction industry, surety bonds are required by a variety of entities for a variety of reasons.  In addition, many other sectors of the economy require a surety bond just to operate their business.  These bonds, called license and permit bonds, are used to make sure that the regulated entity pays their respective taxes, fines, etc.Below is a great example of why surety bonds should be used.  In this case, the charter schools did not have to have a bond, which is now causing massive problems for the other schools.  A surety bond would have eliminated this risk to the school district. County schools may have to repay $1.8 million owed by two closed charter schools.Obama Academy for Boys and Red Shoe Charter for Girls, both in Fort Lauderdale, agreed to close after frequent disputes with the district. But a recent State Auditor General report found the jointly owned schools could no

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