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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