An owner may preserve its rights under bonds by obtaining the surety's approval to the contractor for payment and its agreement that final payment will not relieve the surety of any of its obligations.
A surety bond provider will go after you, its insured client, for restitution or repayment of the funds that the surety company lost.
An insurance provider on the other hand attempts to recover lost funds from the entity that caused the loss rather than going after you, its client.
The AIA Document G707™ Consent of Surety to Final Payment Form is intended for use as a companion to the AIA Document G706™, on construction projects where the contractor is required to furnish a bond.
By obtaining the surety's approval of final payment to the contractor and its agreement that final payment will not relieve the surety of any of its obligations, the owner may preserve its rights under the bond.
Using the G707™ Consent of Surety of Final Payment Form can be an important step for a homeowner to consider.
Please note: AIA Forms are NOT available for download ANYWHERE except from the AIA themselves (and it's very expensive, you have to pay for every single usage of each form, sometimes $19.95 per usage!).
Check this out instead:
*Before* purchasing the hard copy version of the G707 Consent of Surety to Final Payment form - by the way you can't get just one, you'll get about 50 forms for a few dollars more than the AIA charges for a one-time usage of their downloadable form, visit this website.
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