Types of Surety Bonds

Learn more about some common types of surety bonds below:

Performance & Payment Bonds

Payment & performance bonds are most often found in the construction arena. These bonds are regularly required at the federal, state or municipal level.  A payment and performance bond can prequalify contractors who will perform and protect tax-payer dollars should something go wrong. Bonds under $500,000 may be obtained with an application and good personal credit. Larger bonds will often require a complete underwriting submission. Please complete our online application to begin the process. As payment and performance bond needs grow, a greater depth of underwriting will be needed. We will help you understand the process and grow your program.

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Subdivision Bonds

Subdivision bonds are used to guarantee improvements such as roads or utilities being installed as part of land development for new residential or commercial lots. A road or sewer put in by the real estate developer will become the responsibility of the municipal entity as their asset from that time forward.

As part of the development approval process, the public authority will require a subdivision bond to guarantee installation of these public improvements for their benefit and for the benefit of the future residents. Please complete our easy online application to begin the process of obtaining your bond.

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Bid Bonds

Bid bonds are an important component of protection for an owner taking bids on a project. The penal sum is typically a specific percentage of bid value. A bid bond represents surety prequalification in that it guarantees, if low, the contractor will enter the contract at the bid price and provide Performance & Payment bonds guaranteeing the contract.

Another element of owner protection is if a bidder is low but will not enter the contract, the bid bond penalty will cover the increased cost in using the next highest responsible bidder.

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License & Permit Bonds

Contractors may need many different types of surety bonds. Contractor license bonds may be needed for a specific construction trade. Permit bonds may be required by a municipality or state. And performance and payment bonds may be required for a specific construction contract. We can help with all of your construction bond needs.

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All Other Bonds

There are thousands of different surety bonds; many more than can be listed here. Please do not hesitate to contact us about your surety bond needs even if you do not see your specific bond listed here. You may start the process by completing our online application.

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