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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

Contact an Expert

If you have questions about bonds, please contact our experts today.

Our office hours are Monday-Friday from 8:00 a.m. - 4:30 p.m. EST. Any inquiry received by 4:00 p.m. EST will be answered same-day. All other inquiries will receive a response within 24 hours of submission.