{"id":866,"date":"2020-03-12T22:44:47","date_gmt":"2020-03-12T22:44:47","guid":{"rendered":"https:\/\/www.performancesuretybonds.com\/blog\/?p=866"},"modified":"2022-01-24T16:03:55","modified_gmt":"2022-01-24T16:03:55","slug":"learn-various-types-commercial-surety-bonds","status":"publish","type":"post","link":"https:\/\/www.performancesuretybonds.com\/blog\/learn-various-types-commercial-surety-bonds\/","title":{"rendered":"Learn about Various Types of Commercial Surety Bonds [Infographic]"},"content":{"rendered":"<p>If you need a commercial surety bond, here\u2019s a quick introduction:<\/p>\n<h2>What Is a Commercial Surety Bond?<\/h2>\n<p>This type of bond is a way to guarantee one party (the principal) in a commercial arrangement meets their obligations to another (the obligee). Those obligations could include following law and regulations, meeting fiduciary responsibilities, or abiding by contractual obligations. When necessary, the obligee is allowed to file a claim against the bond seeking compensation. The company that issues the bond (the surety) agrees to pay if the principal doesn\u2019t, but the principal (you) must reimburse the surety in full.<\/p>\n<p><!--more--><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-867\" src=\"https:\/\/www.performancesuretybonds.com\/blog\/wp-content\/uploads\/2020\/03\/SuretyBondsTypesR04_B.jpg\" alt=\"SuretyBondsTypesR04_B\" width=\"700\" height=\"5874\" srcset=\"https:\/\/www.performancesuretybonds.com\/blog\/wp-content\/uploads\/2020\/03\/SuretyBondsTypesR04_B.jpg 700w, https:\/\/www.performancesuretybonds.com\/blog\/wp-content\/uploads\/2020\/03\/SuretyBondsTypesR04_B-122x1024.jpg 122w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 984px) 61vw, (max-width: 1362px) 45vw, 600px\" \/><\/p>\n<h3>Share this Image On Your Site<\/h3>\n<p><textarea style=\"width: 540px; height: 120px;\">&lt;p&gt;&lt;strong&gt;Please include attribution to www.performancesuretybonds.com with this graphic.&lt;\/strong&gt;&lt;\/p&gt;&lt;br \/&gt;<br \/>\n&lt;p&gt;&lt;a href=&#8217;https:\/\/www.performancesuretybonds.com\/blog\/learn-various-types-commercial-surety-bonds\/&#8217;&gt;&lt;img src=&#8217;https:\/\/www.performancesuretybonds.com\/blog\/wp-content\/uploads\/2020\/03\/SuretyBondsTypesR04_B.jpg&#8217; alt=&#8217;Learn about Various Types of Commercial Surety Bonds&#8217; 540px border=&#8217;0&#8242; \/&gt;&lt;\/a&gt;&lt;\/p&gt;&lt;br \/&gt;<br \/>\n&lt;p&gt;<\/textarea><\/p>\n<h2>Different Types of Commercial Surety Bonds<\/h2>\n<p>You may need to obtain a commercial surety bond before you\u2019re granted a license or contract. These are some common examples:<\/p>\n<ul>\n<li><strong>Court Bonds: <\/strong>Courts may require you to get a bond before filing an appeal, being named the executor to a will, pursuing litigation, or taking another court-sanctioned action.<\/li>\n<li><strong>License and Permit Bonds: <\/strong>Professionals required to get a professional license (contractors, mortgage brokers, motor vehicle dealers, health clubs, and many more) often need a bond as well.<\/li>\n<li><strong>Customs Bonds:<\/strong> If your business imports goods, this bond will serve as an agreement between customs and an importer to guarantee payment of import duties and taxes for any given import transaction.<\/li>\n<li><strong>Wage and Welfare Bond: <\/strong>Businesses that agree to pay wages or provide financial welfare may need bonds to guarantee payment.<\/li>\n<li><strong>Notary Bonds: <\/strong>Notaries are bound by professional and legal standards, and bonds help hold them to those standards.<\/li>\n<\/ul>\n<h2>How to Obtain a Commercial Surety Bond<\/h2>\n<p>The best time to get a commercial surety bond is as soon as you know you need one. First, you will need to reach out to a trusted brokerage agency\u00a0like Viking Bond Service that can help broker the bond you need in the state you need it. Then you will fill out an application that includes information about your credit and business history. Next, you will receive a bond quote based on that information in 48 hours or less. Finally, you pay the premium to activate the bond. Now you\u2019ve met your bond requirement.<\/p>\n<p>To learn more or to apply for a commercial surety bond today, visit PerformanceSuretyBonds.com<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you need a commercial surety bond, here\u2019s a quick introduction: What Is a Commercial Surety Bond? This type of bond is a way to guarantee one party (the principal) in a commercial arrangement meets their obligations to another (the obligee). Those obligations could include following law and regulations, meeting fiduciary responsibilities, or abiding by &hellip; <a href=\"https:\/\/www.performancesuretybonds.com\/blog\/learn-various-types-commercial-surety-bonds\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Learn about Various Types of Commercial Surety Bonds [Infographic]&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":868,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-866","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-infographic"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Learn about Types of Commercial Surety Bonds [Infographic]<\/title>\n<meta name=\"description\" content=\"If you need a commercial surety bond, read our latest infographic to learn everything you need to know about a commercial surety bond and how to obtain one.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.performancesuretybonds.com\/blog\/learn-various-types-commercial-surety-bonds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Learn about Types of Commercial Surety Bonds [Infographic]\" \/>\n<meta property=\"og:description\" content=\"If you need a commercial surety bond, read our latest infographic to learn everything you need to know about a commercial surety bond and how to obtain one.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.performancesuretybonds.com\/blog\/learn-various-types-commercial-surety-bonds\/\" \/>\n<meta property=\"og:site_name\" content=\"Surety Bond Blog | Discover Performance Bonds, Court Bonds &amp; 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