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Washington surety bonds are financial guarantees that specific obligations will be completed ing to mutual terms. They protect consumers and government entities from malpractice and are often required to receive a business license or permit in Washington.
What are the Benefits of Surety Bonding? A surety bond is a promise to be liable for the debt, default, or failure of another. It is a three-party contract by which one party (the surety) guarantees the performance or obligations of a second party (the principal) to a third party (the obligee).
Contracting and at-home service jobs are usually bondable as well, as it may be necessary to provide assurances for completed work or professional integrity. Such professions include custodians, housekeepers, electricians , plumbers and construction-related roles.
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.
Surety Bond Cost Table Surety Bond AmountYearly Premium Excellent Credit (675 and above)Bad Credit (599 and below) $20,000 $200 - $600 $1,000 - $2,000 $25,000 $250 - $750 $1,250 - $2,500 $30,000 $300 - $900 $1,500 - $3,0007 more rows

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Washington surety bonds are most commonly issued in the licensing and permit professions, contractors when completing construction projects, and court bonds to ensure fulfillment of required court procedures.

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