Types of Surety Bonds
A bid bond guarantees your bid is accurate and that you will provide a performance bond if you are awarded the job. A performance bond guarantees you will not default on the contract, and that all work will be performed properly.
Issue a Business Services Bond in Minutes! Old Republic Surety company offers Business Services Bonds that are freely written in our BONDSTAR TM platform, and can be instantly issued. We also offer a three-year term at a discounted rate. Typical Business Services Bond Scenarios. You have a cleaning service.
License and Permit Bonds. SuretyBonds.com is legally licensed to issue license and permit surety bonds in all 50 states. Whether you need a surety bond in Washington, Ohio or Arizona, we can help! License and permit bonds are a type of commercial surety bond required of many business industries.
Maintenance bonds are only valid for a limited time and only protect against problems that emerge during that time. If a problem arises during the term as outlined in the bond, the obligee can file a claim against the bond.
What is a Mortgage Broker Bond? Mortgage Brokers are real estate financing experts that help people find and negotiate financing terms for their specific mortgage. In addition to being licensed, mortgage brokers must also post a surety bond to ensure compliance with state regulations governing this line of business.
A commercial bond is a very general type of surety bond. A commercial bond, such as a contractor license bond, is most often required by government agencies; federal, state or local. These bonds are typically required to be in force in order for a business or individual to obtain or maintain various licenses and/or permits.
A payment surety bond (P-Bond) is a legal contract, a type of bond, that guarantees certain employees, subcontractors, and suppliers are protected against non-payment. Payment bonds fall under the bonding category of contract bonds.
Surety bonds are an agreement involving a principal, an obligee and a surety company that issues the bond for a fee. In most cases, the obligee accepts a bid or application submitted by the principal.