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Bond Definitions - Surety Bond Brokers - Get the bond you need

Surety Bonds:

Three party agreements in which the issuer of the bond (the surety) joins with the second party (the principal/contractor) in guaranteeing to the third party (the obligee) the fulfillment of an obligation on the part of the principal.

Bid Bonds:

Provides financial assurance that the bid has been submitted in good faith. A bid bond assures that the contractor will enter into the contract at the bid price. It also assures that the contractor will be able to obtain the required performance/payments bonds.

Performance Bonds:

Guarantees the contractor will complete the project per the terms of the contract.

Labor & Material Payment Bonds:

Assures that the suppliers, laborers, and subcontractors will be paid if the contractor defaults.

Maintenance Bonds:

Guarantees defective workmanship and materials for a stated period of time.

Subdivision Bonds:

Local authorities require a guarantee that the landowner completes mandatory public improvements that builders & developer make to their property.

Court Bonds:

Also known as fiduciary bonds; guarantee the performance of fiduciary services in compliance with a court order (e.g. Guardianship Bond, Executor Bond, etc.).

License & Permit Bonds:

Required by State and local officials (to engage by a certain business).

Site Improvement Bonds:

Required to ensure public property will be restored upon the completion of a private project.

Supply Bonds:

Secure payments to suppliers.

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