Bonds
Greteman & Associates can obtain bonds for many types of needs and from a variety of bonding companies. Contractors are probably the most frequent clients for Bid Bonds and Performance Bonds but we can help you with your bonding needs for most any situation. Below are some of the most common types of bonds.
Surety or Fiduciary Bond
A surety bond is an agreement in which the surety company guarantees the principal will fulfill a commitment made to the obligee.
Contract Bond or Performance Bond
A contract bond usually consists of a performance and payment bond. The performance bond guarantees the principal will complete the job to the specifications made in the contract between the principal and obligee. The payment bond holds the principal responsible for paying certain subcontractors, laborers and suppliers associated with the job.
Bid Bond
A bid bond is a financial assurance that a bid has been submitted in good faith and the contractor will enter into a written contract.
Commercial Bond
Commercial surety bonds are also sometimes called Noncontract Surety Bonds. These bonds are an agreement between a principal and an obligee that a certain obligation will be performed. The agreement usually states the principal (also known as the licensee) will conform to the ordinances or laws relating to the business they are engaged in. Commercial Surety bonds are comprised of License & Permit, Notary, Financial Guarantee, Public Official, Probate and Court Bonds.
Court Bond
Court Bonds are a product of a court ordered action.Probate Bond
Probate Bonds are required by a court to ensure the proper handling of an individual's finances or estate.Contact Us For A Quote Today!
