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Example Surety Bond Agreement - Duke Energy 2025

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The document is a Surety Bond agreement between a Principal (customer) and a Surety (insurance provider) to secure Duke Energy Carolinas, LLC against unpaid electric service bills. The Principal provides this bond in lieu of a cash deposit, ensuring payment for utility services. The bond is effective for twelve months, automatically renewing unless canceled with prior notice. It outlines the obligations of the Principal and Surety, including liability terms and conditions for enforcement.

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Click ‘Get Form’ to open the Example Surety Bond Agreement in the editor.
Begin by entering the Customer’s Name and Address in the designated fields. This identifies the Principal responsible for the bond.
Next, input the Surety’s Name and Address. This information is crucial as it identifies who is backing the bond.
Fill in the total amount of the bond in dollars where indicated. Ensure this matches any required deposit amounts specified by Duke Energy.
Provide the location where electric service will be supplied, ensuring accuracy to avoid service issues.
Specify the effective date of this obligation and ensure you understand that it renews automatically unless cancelled with proper notice.
Both Principal and Surety must sign and date the document. Include titles if applicable, ensuring all signatures are properly executed.
Finally, review all entries for accuracy before saving or exporting your completed form for submission to Duke Energy.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

How does a surety bond work?

Surety bonds help small businesses win contracts by providing the customer with a guarantee that the work will be completed. Many public and private contracts require surety bonds, which are offered by surety companies.

What are the two common types of surety bonds?

The two general categories of surety bonds are: contract and commercial. Bonds are purchased by a wide variety of businesses and individuals including construction companies, mortgage brokers, insurance adjusters and more.

How much would a $10,000 surety bond cost?

The cost of a surety bond is calculated as a small percentage of the total bond coverage amount typically 0.510%. This means a $10,000 bond policy may cost between $50 and $1,000. For applicants with strong credit, most bond rates are 0.54% of the bond amount.

What is an example of a surety bond?

How to Fill Out a Surety Bond Form Bond Number. The bond number is the unique identification number assigned to your bond. Bond Premium. This is the cost of your bond, typically calculated as a percentage of your bond coverage. Principal Name. Surety Name. State of Incorporation. Obligee Name. Bond Amount. Bond Obligation.