Types Of Surety Bonds
Different surety needs are met by different classes of surety bonds:
A Contract Bond guarantees that an entity awarded a contract will meet its obligations under that contract. Included in this group are bid bonds, performance bonds, payment bonds, maintenance bonds and supply bonds.
Subdivision Bonds guarantee that developers will make certain "off site" or "public" land improvements in accordance with state, county or municipal specifications.
A Commercial Surety Bond can guarantee a variety of business obligations which require surety bonds. Commercial Surety Bonds include all non-contract surety bonds, including numerous types of license and permit, miscellaneous and court bonds.
License & Permit Bonds guarantee that individuals granted a license or permit to operate a business or to exercise a privilege will meet the obligations under that license or permit.
Miscellaneous Bonds guarantee a variety of non-classifiable obligations. These include utility, lost securities, workers compensation premium payments, and sales tax payments.
A Court Bond guarantees that an individual will comply with the terms of the court. This includes probate and fiduciary bonds, as well as bail and immigration bonds.
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