What is a Bid Bond?

A Bid Bond is a type of Construction Bond that provides a guarantee that the winning bidder will take up the contract as per the terms at which they bid. This bond ensures compensation to the bond owner if the bidder fails to begin a project. A Bid Bond is obtained through a surety agency, and it guarantees that a contractor is financially stable and has necessary resources to take a project. There are three parties to a Bid Bond: the principal, the obligee and the surety. The principal is th read more

How Does a Court Bond Work?

Simply put, a court bond can be defined as an umbrella term for all types of surety bonds, which someone will need during certain court proceedings. Individuals may need to purchase court bonds to reduce risk related to financial loss or fulfilment of court appointed tasks. Just like License and Permit Bonds, Commercial Bonds, and Contract Bonds, Court Bonds encompass a wide range of certain types of bonds, which are commonly used for different court proceedings. Court Bonds can be divided in read more

Things You Should Know about Fuel Tax Bonds

Buying a Fuel Tax Bond is mandatory for a gasoline supplier or seller. Any person can obtain a license to distribute fuel but only after they acquire this bond. This bond acts as an assurance that the bondholder will not deflect from paying taxes on fuel. Fuel tax safeguards the interests of the state as well as of your customers. If you ever neglect to pay taxes while you are distributing gasoline, the state has every right to file a claim against the purchased bond. Similarly, if customers read more

Things You Must Know About Notary Bonds

Surety companies provide Notary Bonds to Notaries. These bonds are a way of assuring that Notaries will fulfill their duties and obligations. They will protect the public from facing any economic losses due to their omission or negligence. Before you set out to discharge notarial duties, you will have to purchase Notary Bonds. Several states have now made it mandatory. Before you look for surety companies, know that you can buy Notary Bonds online. You need not visit the office of the selecte read more

What You Must Know About ERISA Bonds

ERISA is the acronym for Employee Retirement Income Security Act, enacted in 1974. The legislative intent behind enacting ERISA was to safeguard employees and the concerned beneficiaries from the mismanagement or denial of funds as per retirement plans sponsored by the employer. ERISA bonds are a way that employees and their families can secure their position. Employers’ failure to provide funds can cause serious losses to the employees. This failure can be due to forgery, wrongful conversi read more

What You Must Know About Collection Agency Bonds

Collection Agency Bonds are a set of Surety Bonds. These bonds specify that you will abide by the rules and regulations stated in your professional license. A bond claim means that you have omitted to follow the rules and regulations. Anyone can file a claim against your bond. The claim can be made only for the amount covered by the bond. They can file a claim against the bond for discrimination, fraud, theft, manipulation of fees for personal benefit, misuse of the fund, etc. If your bond is read more

How Surety Companies Assess Contractors Before Issuing Surety Bonds

It’s almost impossible to take up any project without securing a Surety Bond. This bond is necessary since it protects the project owner from incurring a loss if you are unable to deliver as promised. The bond also assures them that you (as the contractor) are an experienced professional and can be trusted with their work. Surety Bonds in Tampa Bay are backed by some of the leading Surety Bond agencies. You can check their performance over the years before buying a bond from them. Surety co read more

Now It’s Easier Than Ever to Buy a Surety Bond Online

Surety Bonds of all types serve one common purpose – to protect parties involved from either of them defaulting from their commitment. If you have been thinking of getting one for your business, now is the time. Go online now and find the right Surety Bond that suits your requirement and business needs. Buying Surety Bonds Online If you have never bought a Surety Bond online, you may have some concerns. How good will a Surety Bond be? Will the issuing company be reliable enough? Will the read more

Why We Need Public Official Bonds

Public officials, especially officials in positions of power, or in possession of sensitive information, are required to obtain a public official bond. This bond is essential for registration and licensing and is required to ensure that such officials do not exploit their position in an unfair manner. Public official bonds are required from public servants such as Federal, State and local officials, tax collectors, treasurer officials, court clerks, judges, mayors, public notaries and officers o read more

License & Permit Bonds

License & Permit Bonds are required by a state or municipal body when granting licenses to practice a specific activity or business. The bond ensures that the purchasing party will follow the rules and regulations of the state and imposes penalties for failure to comply. In cases of misconduct or fraud, a complaint can be levied against the bond. There are many types of License & Permit Bonds. Some of these bonds include: • Mortgage Bonds • Auto Dealer Bonds • Contractor Li read more