Common Surety Bonds
Notary Bonds
A notary bond is a guarantee of payment to the obligee (the State) should a loss occur for a penalty amount of the bond. Notary bonds are usually provided by a surety company (typically an insurance carrier). The bond generally runs concurrently with the term of the notary public's commission.
Commercial Bonds
Auto Dealer Bonds ensure dealerships operate according to state laws and regulations, especially those that prohibit fraudulent sales tactics.
Contractor License Bonds guarantee that contractors will adhere to state and local laws and regulations. These are different from contract bonds and are typically filed with a contractor's license.
Medicare (DMEPOS) Bonds aim to curb fraud and malpractice when suppliers of durable medical equipment, prosthetics, orthotics and suppliers bill Medicare.
Contract Bonds
Bid Bonds require contractors to enter into the contract if their bid for a project is chosen. If a contractor refuses to accept the contract, the bid bond allows the project developer to recover the difference between that bid and the next-lowest bid.
Performance Bonds provide project owners and developers with financial protection in case a contractor fails to finish the project according to contract.
Payment Bonds ensure that contractors will pay subcontractors, suppliers and laborers as detailed in the contract. Payment and Performance Bonds are sometimes issued together on a single form.