What Is A Indiana Compliance Bond?
When buildings are being created or improved upon it is critical that codes and regulations be carefully adhered to in order to protect the safety of those that will be using the building, as well as ensure that the work is being done in the best, most efficient, and most cost-effective means possible, without sacrificing this safety. An Indiana compliance bond is a form of surety bond put into place to ensure that these codes and regulations are being complied with when an IN city is being improved upon in some way.
There are three parties involved in an Indiana compliance bond contract. These are:
- The Principal, which refers to the professional that is being bonded as a part of the licensing or contract process.
- The Surety, which is the company that provides the bond and extends a guarantee of compliance to the city.
- The Obligee, which refers to the city to which the guarantee of compliance is being made.