Surety Bonds Made Easy By The Viking Bond Service

Peoria, Arizona September 13th, 2009 – The Viking Bond Service Company (Performancesuretybonds.com) has a uses a customized information system that was designed as a paperless surety bond management system. The resulting process creates customer value by making the applications easier to complete and the performance easier to track, which improves overall efficiency from start to finish. Surety bonds are principally used by property and casualty insurance agents, attorneys, contractors and small business owners. It is beneficial for the general public to at least be aware of performance surety bonds since they may be required when hiring contractors or working with small businesses. A surety bond is a three party guarantee among Principal, Surety Company and Obligee. The Principal is the party who is required to obtain a surety bond in order to obtain their license, obtain a permit, or satisfy a court requirement such as in probate or release of a lien. The Principal may also be a contractor who is bidding on or has been awarded a contract requiring a bid bond or performance bond. A Surety Company is an insurance company or division of an insurance company who backs the surety bond. The Obligee is usually a state or federal agency, requiring the Pri...