New York Advance Payment of Commission Bonds are required by the Surrogate Court. The required bond amount is set by the Obligee. Its purpose is to guarantee repayment or liquidation by the principal of moneys advanced in connection with a construction or supply bond or other type of contract.
Bond Amount – Set by the Obligee Renewal Document – None Cost of Bond – Varies – Starting as low as 1% of the total bond amount, but may sometimes be higher due to more of a financial guarantee nature of the obligation.
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We know the surety bond requirements for New York State and are happy to answer any questions you may have. Feel free to call us at 888.681.7685, email us directly at [email protected], or fill out the form below and we’ll get right back to you! We look forward to the opportunity to earn your business!