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Are you interested in applying for a surety bond, performance bond, or fidelity bond? We have applications ready for download or you may speak to one of our trained representatives to find out which application suits your needs best. Click here for more information. |
Surety Bond Types : What Types of Surety Bonds are Available?There are two main categories of bond types: contract bonds and commercial bonds. Contract bonds guarantee a specific contract. Examples include performance, bid, supply, maintenance and subdivision bonds. Commercial bonds guarantee per the terms of the bond form. A third type of bond sometimes classified as a “policy” that protects against theft is called a Fidelity bond. Read on to learn more about common types of bonds… Performance Bonds
For example, a contractor may be required to post a performance bond in favor of a client for whom the contractor is constructing a building. If the contractor fails to construct the building according to the specifications provided in the contract, the client is guaranteed compensation for monetary loss up to the amount of the performance bond. The surety will generally bring in a replacement contractor to finish the project. Bid BondsA bid bond guarantees that a contractor who is awarded a project on which he placed a bid will be able to post a performance bond as required and proceed with the project.
Auto Dealer BondsAn auto dealer bond is a type of license bond also called a Motor Vehicle Dealer Bond. This bond is required of a motor vehicle dealer to obtain their license to buy and sell autos for profit.
Court BondsA court bond is a generic term for many types of bonds required by the court system. Examples include: Appeal Bonds, Fiduciary Bonds, Executor Bonds, Administrator Bonds, Release of Lien Bonds, and Replevin Bonds.
Customs BondsA Customs Bond is required by the Department of Homeland Security. It is a guarantee to the government that the importer will faithfully abide by all laws and regulations governing the importation of merchandise into the United States. Fidelity Bonds
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License
and permit bonds are a general class of surety bonds required of
a person or entity to obtain a license or a permit in any city, county,
or state. These bonds guarantee whatever the underlying statute,
state law, municipal ordinance, or regulation requires.
Payment
bonds are generally issued along with Performance Bonds to guarantee
payment of sub-contractors and suppliers in accordance with a specific
bonded project.
A
sales tax bond is a form of Financial Guarantee Bond which guarantees
payment of sales taxes to the government.
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