Bid bonds provide a financial guarantee that a bid has been proposed in good faith. It supports that the contractor is qualified for the necessary Performance and Payment bonds.
Maintenance bonds guarantee against faulty workmanship and materials for a specific period of time.
Performance & Payment Bonds
Performance bonds are required by the obligee (owner) to insure against loss in the event the contractor (principle) is incapable of performing the contract according to its terms and conditions. Payment bonds guarantee the contract will pay the suppliers, laborers, and subcontractors involved in the project.
Subdivision Bonds are required of some landowners to make improvements to land within a subdivision, such as improving electrical lines, sewer, sidewalks, gutters, grading, etc.
Court bonds include 4.11, Appeal, Release of Lien and Probate bonds. These bonds may be required by courts to assure a party is compliant with a court order, administers an estate of deceased person, acts as guardian for disabled person, etc.
Offers an employer protection against losses caused by its employees' fraudulent or dishonest actions.
License & Permit Bonds
State or local laws require license and permit bonds be issued to operate certain types of businesses such as streets, sidewalks, gutters, and drainage systems.
Miscellaneous Bonds do not fall in any of the categories. These bonds can be more hazardous obligations and require extensive underwriting.
Public Official Bonds
Public Official Bonds guarantee the performance of duty of a public official such as sheriffs, judges, and clerks.
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