Different surety needs are met by different classes of surety bonds- there are contract bonds, subdivision bonds, commercial surety bonds, license & permit bonds, court bonds, and more.
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What Is A Surety Bond?
A Surety Bond is a promise to pay one party (the Obligee) a certain amount if a second party (the Principal) fails to meet some obligation, such as fulfilling the terms of a contract. The surety bond protects the Obligee against losses resulting from the Principal’s failure to meet the obligation.
MHG offers the experience and knowledge to handle all types of surety bonds. Below are some of the various types of Surety Bonds that MHG provides for its clients:
1) Construction/Contract Bonds- Construction bonds cover whatever obligations the contractor assumes in a contract, in accordance with the plans and specifications which are part of the contract, for an agreed sum of money to be paid by the owner, whether public or private.
2) SBA Surety Bond Guarantee Program- The SBA Surety Bond Guarantee Program (SBG) has been providing Bid, Payment and Performance Bonds required for small and emerging businesses to bid on and carry out a contract, including but not limited to firms in construction, repair, maintenance, service, supply and janitorial work.
3) Court Bonds- There are two classifications of Court Bonds that are filed in court, either Fiduciary (Probate) or Judicial (Civil). A Fiduciary (Probate) Bond is a type of financial instrument that is required by law when a person is appointed as a Fiduciary. A Judicial (Civil) Bond is required when litigants seek to avail themselves of privileges or remedies which are allowed by law only upon the condition that a bond with surety be furnished for the protection of the opposing litigant or other interested party.
4) License and Permit Bonds- An applicant obtaining a license and permit would file a License and Permit Bond required by State Law, Municipal Ordinance, or by Regulation and in some instances by the Federal Government as a condition precedent to the granting of a license or permit to do a specific job.
5) Fidelity Bonds- Fidelity Bonds insure against employee theft, sometimes known as a “Dishonesty Bond”, a Fidelity Bond covers employers from losses stemming from dishonest and/or negligent actions from their employees. 6) Miscellaneous Bonds- Miscellaneous Surety Bonds do not clearly fall within the scope of other well-defined classifications. There are numerous surety bonds, including: ERISA Bonds, Notary Bonds, Auctioneers Bonds, Financial Guarantee Bonds, Lost Securities Bonds, and Self Insurers Workers Comp Bonds.