Contract bonds offer protection for construction projects. These bonds may include:
Bid bonds: protects the bids made by a contractor for a certain project.
Performance bonds: ensures the performance of a contractor for any specified project.
Payment bonds: guarantees payment to subcontractors, labor, and material typically associated with a project.
Commercial bonds are usually required of individuals or businesses. These bonds may include:
License and permit bonds - usually required of businesses by the government. Examples of these include notary bonds, motor vehicle dealer bonds, and car wash bonds.
Judicial, or court bonds - often required in court proceedings. Examples of these include cost bonds, plantiff's bonds, and fiduciary bonds.
Other bonds - bonds that do not fall within the above categories.
Some of the more common types of bonds are listed below:
- Car Wash Bond (business)
- Contractor License Bond (contractor)
- Defective Title Bond (individual)
- Finance Lender Bond (business)
- Immigration Consultant Bond (business)
- Insurance Broker Bond (business)
- Motor Vehicle Dealer Bond (business)
- Notary Bond (business)
- Tax Preparer Bond (business)