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TeachMeFinance.com - explain surety bonds surety bonds -- surety bonds provide reimbursement to an individual, company or the government if a firm fails to complete a contract. SBA guarantees surety bonds in a program much like SBA's guaranteed loan program. another definition... surety bonds -- a guarantee by which a third party (the guarantor) is bound to assume responsibility for the completion of a project or the performance of contracted acts if the second party (the contractor) defaults. Contract Bonds - a contract bond is a bond which delivers financial security and assurance that construction will be completed on a building/construction job. The contract bond assures the owner that subcontractors, laborers, and suppliers will be paid and the contractor will complete the contracted the work. License and Permit Bonds - license and permit bonds are the broad category of bonds which are set in place for the consumer which ensures that the individual they are working with completes the job according to laws and regulations set by local, state, and federal governments. Mortgage Lender Bonds - mortgage lender bonds is a type of license and permit bond which guarantees that the broker will abide by laws, rules and regulations set forth by the state and federal governments. For every state the mortgage broker is licensed he or she must also have a mortgage lender surety bond. Auto Dealer Bond - an auto dealer bond guarantees that the dealer works under the laws and statutes of the state with which the bond is issued About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.