Bonds

What are Surety Bonds?

Surety Bonds are financial instruments that promise to pay a party (obligee) a certain sum of money if an insured cannot fulfill the terms of a contract or obligation.
Surety bonds are often required in construction activities and government work.

For example, a state utility company may require its general contractors to have payment bonds to guarantee that sub-contractors and suppliers will be paid.
There are many types of surety bonds.

Major types of surety bonds

Contract (Construction) Bonds

Guarantee performance under
a government contract, including:

– Bid bonds
– Performance bonds
– Payment bonds
– Maintenance bonds

Commercial Bonds

Required by law for various industries and occupations to guarantee legal compliance, including:

– License and permit bonds

– Warehouse bonds

– Liquor bonds

Fidelity Bonds

Protect your business and your customers against employee theft, including:

– Business services bond

– Employee dishonesty bond

– ERISA bond

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