COMMERCIAL BONDS

Commercial bonds, often called a license or permit bond, are typically required by a government entity as a requirement for business or individuals to stay in compliance with regulations. These bonds are easy to apply for and in most cases are quoted on the same business day.

The most common types of commercial bonds

CONTRACT BONDS

Contract bonds, used heavily in the construction industry by general contractors as a part of construction law, are a guarantee from a surety to a project’s owner (obligee) that a general contractor (principal) will adhere to the provisions of a contract. Contract bonds are not the same thing as contractor’s license bonds, which may be required as part of a license.

COURT BONDS

FAST. CHEAP. BONDED.

Court bonds are those bonds prescribed by statute and relate to the courts. They are further broken down into judicial bonds and fiduciary bonds. Judicial bonds arise out of litigation and are posted by parties seeking court remedies or defending against legal actions seeking court remedies. Fiduciary, or probate, bonds are filed in probate courts and courts that exercise equitable jurisdiction; they guarantee that applicants whom such courts have entrusted with the care of others property will perform their specified duties faithfully.