What is a Surety Bond?
It's a contact between at least three parties.
- The principal - the primary party who will be performing a contractual obligation
- The obligee - the party who is the recipient of the obligation, and
- The surety - who ensures that the principal's obligations will be performed.
Through this agreement, the surety agrees to uphold - for the benefit of the obligee - the contractual promises (obligations) made by the principal if the principal fails to uphold his/her promises to the obligee. The contract is formed so as to induce the obligee to contract with the principal, i.e., to demonstrate the credibility of the principal.
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. Examples include license & permit, union bonds, etc.
Bonds We Provide:
- Bid Bonds
- Bad Credit Bond Program
- Performance Bonds
- Payment Bonds
- Construction Contract Bonds
- Insurance Bonds
- Contractor License Bonds
- ERISA / Pension Bonds
- Dishonesty Bonds
- Motor Vehicle Dealer Bonds
- Mortgage Broker
- Finance Lender Bonds
- Notary Bonds
- Fidelity Bonds
- Developer Bonds
- Sub Division Bonds
- Union/Welfare Bonds
- Commercial Bonds
- Utility Bonds
- License/Permit Bonds
- Environmental Surety Bonds
- Miscellaneous Bonds
|
