Bonds
Commercial Surety Bonds
Commercial bonds represent a broad range of bond types that are generally divided into several sub-types: performance, license and permit, court, public official, and miscellaneous. Triangle Surety Agency is able to provide bonding for its clients that is required not only by local and state agencies but also by federal agencies where the surety is required to be listed with the U.S. Federal Government.
Performance Bonds
A performance bond is issued to guarantee satisfactory completion of a project by a contractor. One such example is the energy savings bond which guarantees the performance of something like the installation of a new HVAC system to save a specific amount of energy and money over time.
- energy efficiency/energy savings
- coal reclamation
- wage payments
License and Permit Bonds
License and permit bonds are required by federal, state, or municipal governments as prerequisites to engage in certain business activities. These bonds function as a guarantee from a Surety to a government agency (Obligee) that a company (Principal) will comply with the law or regulation.
- Contractors’s license bonds, which assure that a contractor (plumber, electrician, or general contractor) complies with local laws relating to his field.
- Customs bonds, including importer entry bonds, which assure compliance with all relevant laws, as well as payment of import duties.
- Tax bonds, which assure that a business owner will comply with laws relating to the remittance of sales or other taxes.
- Reclamation and environmental protection bonds
- Broker’s bonds, including Insurance, Mortgage, and Title Agency bonds
- Motor vehicle dealer bonds
- Money transmitter bonds
Court Bonds
Court bonds are required by law or from a judge that are generally grouped into judicial bonds and fiduciary bonds. Judicial bonds are required by parties seeking court remedies or defending against legal actions. Fiduciary or probate bonds are filed in courts to guarantee that persons that are entrusted with the care of others’ property will perform their specified duties faithfully.
- Judicial bonds
- Appeal bonds
- Injunction bonds
- Fiduciary bonds
- Administrator bonds
- Guardian bonds
- Trustee bonds
Public Official Bonds
Public official bonds guarantee the honesty and faithful performance of elected or appointed persons.
- notaries public
Miscellaneous Bonds
Miscellaneous bonds include:
- lost securities bonds
- hazardous waste removal bonds
- credit enhancement financial guarantee bonds
- Instructional Material Bonds