What's a Bond?

Is a type of surety bond that guarantee the terms of a contract are fulfilled. If the contracted party fails to fulfill its duties according to the agreed upon terms, the contract “owner” can claim against the bond to recover financial losses or a stated default provision.           

 Is a type of surety bond that serves the purpose of guaranteeing the credibility of businesspeople and making sure they follow the laws governing their field. If a person believes that they have been the victim a commercial bond holder failing to follow the laws, then they can file a claim with the surety from whom the bond holder purchased the bond. 

A fidelity bond is a type of surety bond designed to protect a business or hiring party from damage or mismanagement by an employee. Fidelity bonds are usually created for long-term relationships and not individual projects. The bond is used to insure proper dealings and honesty by employees and prevent damage and theft.