How To Obtain Surety Bonds: Technology Bonds And Performance Bonds

Tech Companies Have the IT Skills, But Do They Have the Bond Skills?

Every industry has its own challenges in securing bonds, compiling bid and financial data applications, while competing for projects – but in the tech industry, this process can be a real hurdle, and having the right bonding agent partners can be the difference between a really great future or an epic failure.

Suppose you’re a software company who goes after its first state bid: DEP is looking for a new software system to, say, analyze pollution sites, to drive state policy and help the state manage its day to day processes.  So the company starts its bid process, hoping to snag this key project.  The partners, who have tons of experience coding and setting up cloud products, think they’ve got a pretty good chance.  After all, they have the skills to do the job.

So the tech company goes to the firm that sold them their liability policy, thinking they can get a performance bond for their first state project the same way they order up umbrella coverage.  Right?  Not so fast.  Some insurance companies may not specialize in surety bonds – and again, that can make all the difference when it’s a matter of building that winning bid and qualifying as an authorized bidder, by meeting the bid bond requirements.

You go to your primary physician for a physical or an antibiotic when you are sick.  However, if you are diagnosed with a brain tumor, you would seek out a knowledgeable experienced brain surgeon to perform the surgery with the hopes of the best outcome.  Bonding works the same way!  Your general insurance agent is the ‘go to’ expert for your liability insurance because most of their clients use that policy.  But maybe 1 in 50 of their clients requires a technology bond, so their expertise is limited in that specialty field.  Unique Surety is a Surety Bond Specialist.  100% of our clients need bonds and that is all that we work on everyday, each week, all year long.  Unique Surety has more than 10 surety carriers who each specialize in bid, performance, and payment bonds.  When it comes to surety bonding, Unique Surety is the ‘go to’ technology bond specialist in their field.

Obligees, the potential recipients of performance bonds, just want to see the projects get done.  The performance bond assures them that, one way or another, it will get done: on the right timeline, the way they wanted.  But if the bidding company can’t prove their worthiness, and satisfy those requirements, they can lose out in a number of ways.  Their bid can go right in the trash, because investors just don’t like uncertainty.  Or, the company can get the rug pulled out from under it right at the end of the tunnel, because people just ran out of time to get all of that documentation together.

Smart tech companies leave the bond process to professionals who help secure surety bonds every day.  That’s because smart tech companies, often run by highly specialized career professionals, understand that every firm has its niche: you do one thing, and you do it well.  Coders aren’t specialists in financial red tape, and they want someone who is, to get them squared away with performance bonds that are as clean and well-put-together as a good, bug-free software platform.

You don’t go to a computer store to hire a software specialist to design a multimillion dollar project!  If you may need a bond, Unique Surety offers its customer the reliability and peace of mind to obtain a bond quickly in order to take advantage of a marvelous opportunity when it presents itself.  Remove the pressure of the ticking clock that occurs when there is a little time to meet a pending deadline by having Unique Surety be your guide to walk you through the process.