What is a Surety Bond?
A surety bond is an agreement under which one party, the surety, guarantees to another party, the obligee, the performance of an obligation by a third party, the principal. Surety bonds are designed to guarantee performance when facing certain risks. Each bond must be uniquely tailored to meet specific needs.
Bid Bond – required of a contractor submitting the lowest bid on a project. If the contract then refuses to undertake the project, the bid bond assures that the developer will be paid the difference between the lowest bid and the next lowest bid. The bid bond encourages contractors to make serious bids and live up to their obligations.
Payment & Performance Bond – needed to obtain contracts with Federal agencies, Public (state, county, and city) entities, and School Boards. The bonds guarantee that the contractor will perform the work per the contract and pay all costs (labor and material) related to the work. Contractors that can boast the existence of a “bond line” have an advantage over competitors that don’t when negotiating private work.
License & Permit Bond – required before a contractor can legally do business in Cities or Towns in the State of Florida. License and permit bonds in Florida are issued as per the requirements in the State of Florida to make sure that someone performs business properly.
Agricultural Products Dealer Bond – Florida Department of Agriculture requires that all persons or companies engaged in buying, selling, receiving, soliciting, handling, or negotiating agricultural products obtain an Ag Bond.
Process Server Bond – required in the State of Florida to ensure that you will faithfully perform process serving duties prescribed by law.
Probate Bond – Guarantees an honest accounting and faithful performance of duties by administrators, trustees, guardians, executors, and other fiduciaries. So-called because such bonds are customarily filed in a probate court. Also known as a fiduciary bond.
Janitorial Bond – a type of fidelity bond designed to protect a third party whose property is being cleaned by a janitorial service or house cleaner.
Dishonesty Bond – protects an employer against employee dishonesty, including theft, embezzlement, and other dishonesty related employee damages. Highly recommended for Janitorial Services, Security Agencies, Home Health Care, Temp Agencies, Contractor and Sub-Contractors.
Public Official Bond – may be required by the Division of Elections to ensure that as a Public Official you follow the Constitution and Laws of the State of Florida.
We offer many other types of Surety Bonds, including all City and County License and Permit Bonds, Lottery, Liquor, etc.
Contact us at (941) 206-0031 to learn how we can help you with your specific surety bond needs.