Getting a surety bond released essentially means terminating it, because you have successfully performed the duty the surety bond was meant to insure. It is fairly simple to release a surety bond: all you need to do is apply to the bond producer, or broker, who arranged the surety bond. This broker will then determine whether the surety bond has been sufficiently fulfilled, and will release the bond.
Surety Bond Release Form
1
Go to the bond producer who handled the signing of the surety bond contract. Surety bonds are handled through bond producers, who are often insurance agents.
2
Fill out a surety bond release request form from your agent. This request form will likely require the signatures of the obligees, or those who would have received the surety bond had you failed to perform the business service.
3
Wait up to ten business days until you receive a response. During this period, the agent will check that all the requirements for your service have been approved by the obligee. For instance, if you are a contractor, the broker will make sure the building owners are fully satisfied with your construction performance.
4
Look forward to having a larger client base. The more you release surety bonds, the more you prove to future customers that you can successfully complete your job. For instance, if you are a contractor, you can advertise that you have never once needed to default to a surety bond since you were able to fulfill your construction obligations.
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