BONDS

A surety bond is a contract among at least three parties: the principal, the obligee, and the surety. Through this agreement, the surety agrees to make the obligee whole if the principal defaults in its performance of its promise to the obligee.

Contract Bonds

Performance Bonds assure that a contract will be performed according to its terms and specifications. In the event a contractor defaults, these bonds generally obligate the surety to either: finance the contractor, undertake the completion of the project, tender a new contractor to the owner or pay the bond penalty.

Payment Bonds/ Labor and Material Bonds that assure a contractor will make appropriate, prompt and full payments for labor and materials provided for a project.

Maintenance Bonds assure a project will remain free of defects in workmanship or materials for a specific time period.

Commercial Bonds

License and permit bonds typically guarantee a corporation or individual will operate in accordance with governmental statutes, regulations, and ordinances. There are many of different types of license and permit bonds guaranteeing various obligations

Court bonds

Are guarantees required by courts at various points in legal proceedings. These include appeal bonds, lis penden bonds, injunction bonds, cost bonds, administrator bonds, lost note bonds, stop notice bonds, release of lien bonds, attachment bonds, etc

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