License and Permit Bonds
This is a broad range from contractor’s license bonds to motor vehicle bonds to sales tax bonds to bonds for dealerships and many more.
This bond guarantees that the Contractor will perform the contract per the terms and conditions. This bond is normally issued along with the Payment Bond.
Payment Bond, also called Labor and Material Bond
This particular bond assures the Contractor pays its subcontractors, workers, and suppliers on the bonded projects. This bond is normally issued along with the Performance Bond.
This assures that a project will remain free of defects in workmanship and materials for a specified period following project acceptance.
Assures delivery per contract requirements of specified materials or equipment.
Subdivision Bonds, also called Improvement Bonds
These bonds are required of developers and guarantee completion of on-site and off-site improvements.
LLC Employee / Worker Bond
A $100,000 surety bond (in addition to the $12,500 contractor bond) is required for the issuance, resistance, reinstatement, reactivation, and renewal of an LLC license for the benefit of any employee or worker damaged by the LLC’s failure to pay wages, interest on wages, or fringe benefits, as well as other contributions (not required for inactive LLC licenses).
Bonds arising from actions in Probate Court (such as Executors and Administrators) to actions in many other court cases, ranging from simple (attachment bonds) to complex (appears bonds).
ERISA requires that plan officials who manage, oversee, recommend or handle funds or other property of any employee benefit plan must be covered by a personal fidelity bonds, according to the U.S. Department of Labor.
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