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Frequently Asked Questions - Surety Bonds


1) What is a Surety Bond?

Surety bonds are a financial instrument (not insurance) that the University may be required to obtain as a guarantee that we will fulfill our obligations under a contract.


2) How do I obtain a Surety Bond?

You must first provide your specifications/contract (after review by OUC) to the Office of Finance. They will help determine if a Surety Bond is acceptable or whether another form of security, such as a Letter of Credit, is more appropriate.