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Common Surety Bonds

Notary Bonds

  • A notary bond is a guarantee of payment to the obligee (the State) should a loss occur for a penalty amount of the bond. Notary bonds are usually provided by a surety company (typically an insurance carrier). The bond generally runs concurrently with the term of the notary public's commission.
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    Commercial Bonds

  • Auto Dealer Bonds ensure dealerships operate according to state laws and regulations, especially those that prohibit fraudulent sales tactics.
  • Contractor License Bonds guarantee that contractors will adhere to state and local laws and regulations. These are different from contract bonds and are typically filed with a contractor's license.
  • Medicare (DMEPOS) Bonds aim to curb fraud and malpractice when suppliers of durable medical equipment, prosthetics, orthotics and suppliers bill Medicare.

Contract Bonds

  • Bid Bonds require contractors to enter into the contract if their bid for a project is chosen. If a contractor refuses to accept the contract, the bid bond allows the project developer to recover the difference between that bid and the next-lowest bid.
  • Performance Bonds provide project owners and developers with financial protection in case a contractor fails to finish the project according to contract.
  • Payment Bonds ensure that contractors will pay subcontractors, suppliers and laborers as detailed in the contract. Payment and Performance Bonds are sometimes issued together on a single form.

 

                                 

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