What is a surety bond?
A surety bond is a three-party agreement between a principal, an obligee and a surety. The surety provides a guarantee that the principal will fulfill its obligation to the obligee.
I have lived in and around the surety industry my entire life, and consider the people I have met through it good friends and colleagues. I share my mother’s joy of this industry and take pride in the accomplishments of our clients, and our small part in their success. I am grateful for where I am, and to help the next generation of clients of Coats Surety.
I started working in the surety industry in 1978, and started my own company in 1982. I have enjoyed helping people and their families for nearly 40 years, and now I share this joy with my son. Together, we excel in providing expert advice to all of our clients, regardless of their time with us. It truly is our pleasure to be a part of their success.
Contractors Responsible for Subcontractors Payroll effective Jan. 1, 2018
Effective January 1, 2018, General Contractors will be legally responsible to ensure that their Subcontractor’s workers get paid on the GC’s projects. This includes fringe benefits, attorney fees and associated court costs for laborers bringing suit against a GC. GC’s should take care to monitor their Subcontractor’s payroll and protect themselves against the added risk of Subcontractors not paying their…