This info-graphic titled ‘A Few Types of Commercial Surety Bonds’ provides us an insight of types of commercial sureties.Commercial Surety Bonds are needed of individuals or business concerns by the government, statute law or by other entities. Examples consider performance and payment bonds, customs bonds, tax bonds and storehouse bonds.
1. License and permit bonds - needed by state, municipal or federal ordinance or regulation. These bonds may be required as a condition for engaging in a peculiar business or exercising a particular privilege. Illustrations include performance and payment bonds, customs bonds, tax bonds and warehouse bonds.
2. Court bonds/Judicial bonds are required of either a plaintiff or defendant in judicial hearings, to protect the rights of the opposing litigant or other interested parties.
3. Fiduciary bonds - demanded by those who administer a trust under court supervision.
4. Public official bonds - required by statute for some holders of public office, to shield the public from malfeasance by an official or from an official's failure to faithfully execute duties.
5. Notary Bonds – sureties required by statute for a notary public and guarantees a notary will cover the public from financial harm as a result of the notary failing to perform required notarial operations.
For more information, please refer to the info-graphic below.
