What is a Bid Bond?
A Bid Bond is a type of Construction Bond that provides a guarantee that the winning bidder will take up the contract as per the terms at which they bid. This bond ensures compensation to the bond owner if the bidder fails to begin a project. A Bid Bond is obtained through a surety agency, and it guarantees that a contractor is financially stable and has necessary resources to take a project.
There are three parties to a Bid Bond: the principal, the obligee and the surety. The principal is th read more
How Does a Court Bond Work?
Simply put, a court bond can be defined as an umbrella term for all types of surety bonds, which someone will need during certain court proceedings. Individuals may need to purchase court bonds to reduce risk related to financial loss or fulfilment of court appointed tasks.
Just like License and Permit Bonds, Commercial Bonds, and Contract Bonds, Court Bonds encompass a wide range of certain types of bonds, which are commonly used for different court proceedings. Court Bonds can be divided in read more
Things You Should Know about Fuel Tax Bonds
Buying a Fuel Tax Bond is mandatory for a gasoline supplier or seller. Any person can obtain a license to distribute fuel but only after they acquire this bond. This bond acts as an assurance that the bondholder will not deflect from paying taxes on fuel.
Fuel tax safeguards the interests of the state as well as of your customers. If you ever neglect to pay taxes while you are distributing gasoline, the state has every right to file a claim against the purchased bond. Similarly, if customers read more
Things You Must Know About Notary Bonds
Surety companies provide Notary Bonds to Notaries. These bonds are a way of assuring that Notaries will fulfill their duties and obligations. They will protect the public from facing any economic losses due to their omission or negligence. Before you set out to discharge notarial duties, you will have to purchase Notary Bonds. Several states have now made it mandatory.
Before you look for surety companies, know that you can buy Notary Bonds online. You need not visit the office of the selecte read more