Bonds

Commerical Bonds

A commercial surety bond is sometimes referred to as a "non-contract bond" because it does not guarantee a specific contract like a construction bond would. However, commercial bonds are more commonly referred to as "license and permit bonds." Specific business owners must obtain license.

Contract Bonds

A contract is a surety bond that ensures the contractor will work according to the instructions laid out in the contract. In the case that the contractor does not fulfill the obligations in the contract, the bonding company is liable and must pay the owner.

Contract bonds are sometimes referred to as Construction Bonds . A construction bond is simply a general term used to describe the many different bond types that make up a construction project contract from start to finish. This is why you will often times hear 'construction bond' and 'contract' bond used interchangeably.

Court Bonds

Many court proceedings require court bonds to protect people from the financial loss that could come with the result of the proceeding. Court bond is also the umbrella term for the different types of bonds that are required to engage in legal proceedings.

Fidelity Bonds

A fidelity bond will indemnify the insured for loss caused by a fraudulent or dishonest act of a person covered by the bond (generally an employee) with the intent to cause the insured a loss and benefit the employee or others the employee intended to benefit.