Commercial surety bonds and contract bonds serve a similar purpose in that both types of bonds provide protection for one of the parties named in the bond, but they also have unique purposes that are tailored to the industries they are used in. Continue reading “Commercial vs. Contract Bonds”
In many states, from the day contractors receive their licenses, they have to be bonded. They must also secure surety bonds for many projects they take on.
This guide will serve as an introduction to what kinds of surety bonds you will need as a contractor, when you will need them, how much they will cost, why you need them, and how to get them.
License Bonds are commercial surety bonds that government agencies require business owners to obtain before the business owners can be legally licensed in certain industries, such as insurance brokering, mortgage lending, and construction.
Continue reading “Everything You Need to Know About License Bonds”