Bonds
Surety Bonds
A surety bond is an agreement in which the surety company guarantees the principal will fulfill a commitment made to the oblige.
Contract Bond?
A contract bond usually consists of a performance and payment bond. The performance bond guarantees the principal will complete the job to the specifications made in the contract between the principal and oblige. The payment bond holds the principal responsible for paying certain subcontractors, laborers and suppliers associated with the job.
What is a Bid Bond?
A bid bond is a financial assurance that a bid has been submitted in good faith and the contractor will enter into a written contract.
What is a Commercial Bond?
Commercial Surety Bonds are also sometimes called Noncontract Surety Bonds. These bonds are an agreement between a principal and an oblige that a certain obligation will be performed. The agreement usually states the principal (also known as the licensee) will conform to the ordinances or laws relating to the business they are engaged in. Commercial Surety bonds are comprised of License & Permit, Notary, Financial Guarantee, Public Official, Probate and Court Bonds.
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