Surety Bonds

The oblige is the entity that requires the bond. Obliges are typically government agencies’ working to regulate industries and reduce the likelihood of financial loss. The Surety is the insurance company that backs the bond. The surety provides a line of credit in case the principal fails to fulfill its task.

There are five type of bonds used for Construction contract bonds.

• Contract Bonds: Bids bonds, Performance Bonds, Maintenance Bonds, Payment Bonds
• License and Permit Bonds: Auto Dealers, Liquor Store, Building Constructor
• Public official Bonds: Notaries Public, Tax Collectors, Police Officers
• Court Bonds: Trustees Executors or Administer of Estates
• Miscellaneous Bonds: Hazardous Waste Removal Bonds