3 Different Types of Surety Bonds

Nowadays, a large number of firms looking to work with public or private owners understand the requirement of surety bonds. A surety bond should not be confused with insurance. A surety bond is simply a guarantee that the principal (business) will perform their obligations to the obligee (project owner or government agency). In case the principal does not succeed in performing the obligations, the surety comes into the picture. Surety (insurance company) provides the financial indemnification fo read more

Different Types of Commercial Bonds

There are many types of surety bonds. This infographic is designed to showcase different commercial bonds available on the market. A commercial bond does not fit under the description of a construction contract bond. Some examples of the different types of commercial bonds are: License and Permit Bonds: Required by certain federal, state, or municipal governments as prerequisites to receiving a license or permit to engage in certain business activities, such as running an alcoholic beverage bu read more