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Home > 2015 > Archives for October 2015

Archives for October 2015

Surety Bonds and Bank Letters of Credit Comparisons

October 28, 2015by Lori Olson

By:   Jack Anderson, President This is the final post in a series of blog posts where we have been exploring surety bonds and bank letters of credit – what each is, their differences, as well as advantages and drawbacks of each. Today, we are going to discuss the advantages and drawbacks to both a surety bond and a LOC. Let's start with the advantages: Surety Bonds Since the creation of the surety bond does not go through a bank or financial institution, a surety bond can free … [Read more...]

Filed Under: Goldleaf Surety Blog Tagged With: Bank Letter of Credit, bond, performance bond, surety, surety bond, surety bond program, surety underwriter

Surety Bonds and Bank Letters of Credit Comparisons

October 14, 2015by Goldleaf

By:  Jack Anderson, President This is the 3rd post in a series exploring surety bonds and bank letters of credit – what each is, their differences, and advantages and drawbacks to each. What is the expected cost of each instrument? For a surety bond, cost is generally 0.5% to 2% of the contract price.  A bond is project specific and covers the duration of the contract.  The cost of the bond is included in the contractor's bid price. For a bank LOC, the cost is generally 1% of the … [Read more...]

Filed Under: Goldleaf Surety Blog Tagged With: Bank Letter of Credit, bond, bond claim, contract terms, performance bond, surety bond, surety bond program, underwriting considerations

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