There are several instances where different types of bonds are required.
More common types of bonds are:
- Licensing bonds requested by government authorities in order to carry on certain businesses
- Fidelity Bonds are used to protect a person, firm or corporation against loss by the dishonest acts of a related person i.e. employer / employee
- Contractors Surety Bond: a bond facility is set up for the contractor to provide bid bonds to a project owner to guarantee to the owner the contractor is financially qualified to enter into a contract. Upon award of a contract; performance and labor and material bonds are provided by the Surety Company to guarantee that the project will be completed.
Other Bonds are available for many different individual cases. Give us a call for additional information.