Associations Release Surety Bond Information Kit

July 12, 2024 – The National Association of Surety Bond Producers and the Surety and Fidelity Association of America released a Broadband Equity, Access, and Deployment program surety bond information kit on Tuesday.

In November, the National Telecommunications and Information Administration began accepting surety bonds as a form of security in lieu of letters of credit for the BEAD program. Security bonds act as a form of insurance, ensuring that if the recipient fails to meet the project requirements, the federal government or grantor can recover some or all of the funds disbursed. It is issued by a surety company whereas letters of credit are issued by banks.