Surety and Bonding

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Surety and Bonding

Generally, bonding is one entity (surety) guaranteeing the performance of another entity.

Bonds involve 3 parties: 1. The Surety, 2. the Obligor (the party doing the work), 3. The oblige (the party for whom the work is being done).

Types of Bonds:

  • Commercial Bonds:
    • License and Permit bonds
    • Public Official Bonds
  • Contract Bonds & Construction Bonds (these guarantee a contract will be fulfilled):
    • Bid Bond
    • Performance Bond
    • Payment Bond
    • Maintenance Bond
    • Supply Bond
    • Site improvement Bond.
Surety and Bonding - building Surety and Bonding - construction

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