February 2, 2015

The new world of technology and software bonds for contracts

A new market that has recently generated some buzz is the tech and software bonds sector. If you are familiar at all with surety bonds you will know that these type of bonds are similar to contract bonds. The only real difference is that not just any company will offer this type of bond. The reason being that technology involves a lot of factors that some of the other type of bonds don’t. To find out why we decided to do a little research. We contact several companies and got a big no. Since we are in Laguna Beach California we started looking for bonding companies in CA. We found what we think is the best California surety bonds company. When we found their site at first it was not obvious that they offer what we needed. We saw a contact form on their site so we decided to contact them. After a bit of dialogue with someone who appeared to be the owner we go more information. Sparring you all of the details they did offer what were looking for. However it was still referred to as a contract bond.

So when its all said and done if you happen to be a tech company looking for a bond to satisfy the requirements of a contract you might have a little shopping around to do. Not all bonding companies are willing to work with you in your niche. The ones that do will also try and place some additional underwriting to your contract so also be aware of that when signing. Of course you should always read something in its entirety before you sign it. In the next few years there will be an even higher demand in this type of bond so if all of the old companies don’t whip up into shape they may loose out on lots of money. There is always someone out there who is most hungrier than you in this dog eat dog world.

Let us know what you think! readers@lagunabroadcasting.net.

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