Surepath is a web-based surety bond processing and management system that enables Technical Assurance, our clients, carriers, and the obligees to manage their surety bond requirements efficiently through automation of administration, processing and reporting functions. Surepath also provides the process for creating electronic bonds for submission to obligees.
The enactment of the Uniform Electronic Transactions Act, (“UETA”) and the Electronic Signatures in Global and National Commerce Act, (“E-Sign”,) establish legal foundation and validity to electronic records and signatures. Essentially, UETA gives e-records and e-signatures the same legal status as their paper counterparts which allow for the electronic execution of contracts and surety bonds.
While changing the way business transactions are conducted, electronic bidding simply replicates the bond execution process, from signing the bond form by the principal and surety to physically delivering the form to the obligee electronically through the Internet or other electronic medium without paper or delay. The NASBP and the SFAA strongly support the electronic execution and filing of surety bonds as a way to reduce processing costs and increasing efficiency.