Unlike the other main type of surety bond – contract bonds —commercial bonds do not have contracting guarantees associated. In this sense, commercial bonds may also be referred to as “non-contract” surety bonds. Some examples of commercial bonds include: License and permit bonds. Public official bonds.
A contract bond is a type of surety bond that guarantees contracts are fulfilled. If the contracted party fails to fulfill its duties according to the bond’s terms then the project developer can make a claim on the bond to recover financial losses.
A fidelity bond is a form of insurance protection that covers policyholders for losses that they incur as a result of fraudulent acts by specified individuals. It usually insures a business for losses caused by the dishonest acts of its employees.
A form of liability insurance that helps protect professional advice- and service-providing individuals and companies from bearing the full cost of defending against a negligence claim made by a client, and damages awarded in such a civil lawsuit.
For foreign owned construction and commercial enterprises that have substantial operations and bond needs in North America
A Customs bond is a financial guaranty between 3 parties: the Insurance/Surety company issuing the Customs bond, the Principal (who is required to file the bond), and Customs & Border Protection (CBP).