Without a bond, the company or individual won’t receive a payment or permit. A surety bond is issued by a third party called the surety. The surety guarantees that all contractual obligations and duties covered under the bond will be fulfilled. The most commonly used commercial surety bonds are non-contract bonds, which requires that the government remain involved in a transaction for it to be complete. Non-contract bonds are used extensively throughout government deals and business contracts.
There are a number of license bonds that your business may need to be bonded to engage in specific practices or offer services. For example, a plumber may need to post a license bond that guarantees they will fix any problems they make while working on plumbing systems. If you run a daycare center and need to purchase playground equipment, you may need a commercial playground equipment bond. At the end of the day, there are many types of bonds that you may need to be bonded with. However, the good news is that Lance Surety Bonds has helped thousands of companies get bonded and has partnered with the top surety companies in America for more than two decades. We understand the different types of bonds that your company may need and can help make sure you receive them as quickly as possible. For more detail, please refer to the info-graphic below.
