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What is a Surety Bond

 

A Surety Bond protects against malpractice and fraud.  Most surety bonds are considered a three-party contract between the principal (business owner or other professional), the obligee (consumer or government entity) and the issuer (the surety).  The bond is a financial guarantee that the principal will always act in accordance with laws, with integrity, honesty and financial responsibility, and act in compliance with the mutual terms of a contract.  The bond will cover any damages or losses when the contract is not completed according to terms.

 

What types of Surety Bonds are available?

The most common types of Surety Bonds are:

Contract Bonds

Commercial Bonds

Court Bonds

Fidelity Bonds

Miscellaneous Bonds

 

Contract bonds guarantee the performance of a written contract according to its mutual terms and conditions. Types of contract bonds include:

Bid Bonds

Performance Bonds

Payments Bonds

 

Commercial bonds are required by law or regulation.  These types of bonds include:

License and Permit Bonds

Public Official Bonds

Notary Bonds

Federal Bonds

 

Court bonds guarantee that a person or entity involved in a court case will faithfully perform their legal duties and be financially responsible for the benefit of another until a conclusion in the case can be reached.  These type of bonds include:

Probate Bonds

Bankruptcy Bonds

Equity Bonds

 

Fidelity bonds protect you and your customers specifically against

    Employee theft, negligence and dishonesty  

 

Miscellaneous bonds do not fit into the usual category and include:

Union Wage and Welfare

Utility Payment Guarantees

Lost Security/Lost Instruments

 

 

 

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21021 Ventura Blvd. Suite 210

Woodland Hills, CA 91364

Phone: +1 818 380 1700

E-mail:  info@eichbergassociates.com

 

 

 

 

 

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