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Bonds

License or Permit Bond »

A surety bond often required by municipalities and other public authorities to indemnify them against loss from breach of any regulation or ordinance under which the license or permit is issued.

Performance Bond »

In general, a surety bond guarantees the performance of a contract, usually associated with construction work, but possible for almost any kind of contract.

Payment Bond »

A bond given by a principal to guarantee payment for labor or materials used in the work under a contract.

Bid Bond »

A bond intended to guarantee that the bidder on a construction, supply or service contract will enter into the contract if successful as a bidder. Should the bidder fail to enter the contract, the surety on the bid bond may be called upon to pay the difference between the amount of the principal's bid and the bid of the next lowest qualified bidder.
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