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TYPES OF SURETY BONDS

Contract Surety Bonds

  • Bid Bond
    • guarantee that a contractor will enter into a contract if awarded the bid
  • Payment and Performance Bond
    • Payment Bond – guarantee that a contractor will pay for labor and materials
    • Performance Bond – guarantee that a contractor will perform the work as specified
  • Miscellaneous Contract Bond
    • including but not limited to subdivision, unhealthy supply, etc.

Note…Contractor License Bonds are not contract bonds. They fall under license and permit bond category.

License and Permit Bonds

License and permit bonds are required by certain federal, state, or municipal governments as prerequisites to receiving a license or permit to engage in certain business activities. These bonds function as a guaranty from a Surety to a government and its constituents (Obligee) that a company (Principal) will comply with an underlying statute, state law, municipal ordinance, or regulation.

  • Contractor’s License Bond
  • Tax bond
  • Mortgage Broker Bond
  • Mortgage Banker Bond
  • ERISA (Employee Retirement Income Security Act) Bond
  • Motor Vehicle Dealer Bond
  • Motor Vehicle Wholesaler Bond
  • Motor Vehicle Recycler Bond
  • Title Bond
  • Collection Agency Bond
  • IFTA
  • Federal Brewer’s Bond
  • Utility Bond
  • Cosmetology School Bond
  • Appraisal Management Company Bond
  • Electronic Records Access Bond
  • Private Investigator Bond
  • Private Fiduciary Bond
  • Mobile Home Dealer Bond
  • Peddlers Permit Bond
  • Prescription Drug Wholesaler Bond
  • Private Post Secondary Education Bond
  • Union Wage and Welfare Bond

Court Bonds

  • Probate (Conservator, Trustee, Personal Representative, etc)
    • a bond legally required to be given to a probate court or judge by an administrator, executor, conservator, or other fiduciary to secure the faithful performance of his duties
  • Plaintiff (Provisional Remedy, Attachment, Garnishment, Replevin, Costs, Injunction, Temporary Restraining Order,
    Indemnity to Sheriff, etc.)

    • guarantee payment of damages suffered if an action is decided in favor of a defendant.
  • Defendant (Appeal/Supersedeas, Discharge of Attachment, Release of Garnishment, Counter Replevin, Release of
    Mechanic’s Lien, etc.)

    • guarantee the payment of any final judgement entered by the trial or appellate court in favor of the plaintiff and against the defendant
  • Receiver
    • guarantee the faithful performance of the duties and obligations of the receivership

Fidelity Bonds

Form of insurance protection that covers policyholders for losses that they incur as a result of fraudulent acts by specified individuals

  • Janitorial /Business Services Bond
  • ERISA Bond
  • Crime Policy