What Does Surety Association of America (SAA) Mean?
The Surety Association of America a trade association comprised of companies that collectively write a significant proportion of surety and fidelity bonds in the US. The name changed to the Surety & Fidelity Association of America (SFAA) on May 18, 2006. The bonds it issues help in promoting economic development and facilitating commerce. In addition, they also protect taxpayers, business establishments and consumers by:
- Assuring the payment of contractors;
- Ensuring compliance with the relevant state laws;
- Protecting against breach of any fiduciary responsibilities; and
- Vouching for (or guaranteeing) the completion of various construction projects, such as schools, roads, hospitals, etc.