Bonds, Bonds, Bonds
When looking for a surety bond it is important to know they type of bond that you are required to obtain. Most surety bonds are called "license and permit bonds." As the name implies these bonds are usually required if you need to get a contractors license or construction permit in almost all states.
License and permit bonds are used by many different types of professionals and businesses and help consumers to feel confident that the professional service provider they are working with is qualified to do business and will follow all applicable state laws.
Another common bond is a contract surety bond. These bonds usually ensure a contractors performance during certain stages of a construction project. As a contractor, you may have been told by the project manager or general contractor that you need to be bonded to be a contractor on their project. If so, a contract surety bond is the type of bond you will most likely be considering. Please note that there are a few different types of contract surety bonds, so familiarize yourself with the projects bonding requirements before purchasing your bond.
Other types of bonds include Court and Probate Bonds and general Miscellaneous Bonds. Court and probate bonds are used as by the courts in a variety of proceedings. These bonds are used to protect parties from financial losses that may arise from a court proceeding.
Miscellaneous bonds are used for those situations that don't fall into the regular categories such as contract, court, or license and permit bonds. These bonds might be used for legally mandatory reasons, or perhaps for private agreements between businesses and their clients.
To find out which type of bond is right for you, contact us today for a free consultation and quote.