Objectives and Intended Outcomes
Upon successful completion of this course, participants will be able to:
- Define Surety Bond
- Identify the common types of surety bonds used
- Explain the considerations used in evaluating a contractor's bonding capacity
- Explain the process used when a contractor defaults on a bond
Intended for public procurement professionals involved in contracting
This self-paced course provides an overview of Surety Bonds. The surety process ensures that capable and qualified contractors are being used and protects the entity from financial loss due to contractor failure. This course describes the function of a surety bond and identifies the procurement requirements of an effective surety bond.