For anyone who has ever been in need of a surety or court bond, they'll likely tell you just how difficult it can be to negotiate the pitfalls of the system alone. Somehow simply getting a little money into the hands of the appropriate parties is becoming more and more complicated with every step. When the process gets too time consuming and difficult, putting your situation into the hands of an experienced court bond agency will give you the peace of mind that you deserve.
Especially if you are already dealing with some stress from your current situation; you do not need the extra stress from having to negotiate the surety bond process. Just like any business partnership, handing the responsibility of a surety bond over to professional assistance can free your mind and help you deal with the other aspects of your life.
There are many different types of surety bonds that you can use to protect yourself and your business interests in a negotiation. This article will discuss a few of the different types of surety bonds below.
Contract Surety Bonds
These types of surety bonds are used a great deal in the construction industry. They are needed to ensure that a contractor sticks to the contract that he or she has signed, which is very important during the comprehensive process of building or repairing real estate.
Contract bonds include bid bonds, which lock a contractor into a certain contract if that contractor wins the bid on a project. This keeps contractors from colluding or backing out of the project to ask for more money after you have committed to them. Other types of very important contractor bonds to know about are performance bonds and maintenance bonds, which dictate and ensure the performance of a contractor and the maintenance of a property by a contractor for a specified period of time.
Commercial Surety Bonds
If a bond does not fit under the wide swath of bonds that can be called contract, they are most likely called commercial bonds. There are many different types of commercial bonds; however, they are usually divided into four different subsections: the court bond, the public official bond, the license and permit bond and the miscellaneous bond.
Bonds from the court guarantee a certain action from a third party and include bail bonds, injunction bonds, appeal bonds, and many other types of bonds depending on the type of court case that is being fought.
The public official bond ensures that the public can trust the judgment and the decisions of people who have been elected to public office. Most public officials from notary publics to the town clerk must sign a public official bond before they can take control of their elected office.
The license and permit bond is a bond that is required by some states and locales before a person can participate in a business or privilege. The most common license and permit bonds include driver license agreements, tax bonds and bonds for health spas.
The miscellaneous bond is a commercial bond that does not fit into any of the above categories and can include anything that is not covered by the terms of the subdivisions that were mentioned before.
