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.
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
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