Article Categories
» Arts & Entertainment
» Automotive
» Business
» Careers & Jobs
» Education & Reference
» Finance
» Food & Drink
» Health & Fitness
» Home & Family
» Internet & Online Businesses
» Miscellaneous
» Self Improvement
» Shopping
» Society & News
» Sports & Recreation
» Technology
» Travel & Leisure
» Writing & Speaking

  Listed Article

  Category: Articles » Finance » Article

Most Popular Types Of Surety Bonds

By Dalvin Rumsey

Should the safety bonds aim at guaranteeing payments and various other financial transactions or should they make the parts who sign the contract perform a number of tasks or fulfill certain duties, it is a commonly known fact that the surety bonds cover a large variety of forms. No matter the purpose to serve, surety bonds are always the most appropriate legal solution to adopt.

Surety bonds are in fact legal documents that guarantee that an obligation will be properly satisfied. If not, a certain penalty will be paid by the surety company. The person who signs a surety bond has to be sure he or she can pay back the surety company in case of a financial loss. Surety bonds are usually undertaken and managed by insurance agents, even though they are not insurance, and can take many forms.

The two main categories of surety bonds include the contract surety bonds and the commercial surety bonds. The performance bonds, bid bonds, payment bonds, maintenance bonds and subdivision bonds are contract surety bonds and provide financial security and construction assurance on construction projects by guaranteeing to the obligee that the principal will perform the work and pay certain subcontractors, workers and material suppliers. On the other hand, the license and permit bonds, judicial and probate bonds, public official bonds and federal bonds are included in the commercial surety bonds' category and guarantee performance by the principal of the obligation or undertaking described in the bond. The mortgage broker bonds are some of the most commonly used surety bonds and are included in the commercial surety bonds' category.

This particular type of bond is imposed by state law and gives the brokers or lenders the opportunity to legally lead their activity. Not every person knows that mortgage banker bonds refer to license and permit bonds that are required for mortgage brokers who are also members of the institutions that finance the loan, while mortgage broker bonds are only designed for brokers, not for persons who are also lending the funds.

Each state has its own rules regarding the mortgage broker bonds and it would be a good idea to know what a certain state requires, before closing such a bond. There are many agencies providing efficient and affordable mortgage broker bond services, so do not rush when choosing the best bonding agency.
About the Author
License & Permit Bonds in California by Surety Hub. Buy License & Permit Bonds with in-house underwriting. The Surety Hub: bond now, pay later. Click here for Surety Bonds .

Article Source:
If you wish to add the above article to your website or newsletters then please include the "Article Source:" as shown above and make it hyperlinked.

  Some other articles by Dalvin Rumsey
How Bad Can Virus Hoaxes Get
Each and every computer user has at least once suffered from the action of a virus. The damage such a malicious little thing causes ...

Tips About The Cooling System
Ever gone through a flooding disaster in your house? Did you washing machine ever get a split hose? Well, I guess many of us have at least once ...

Should We Use Online Dating Services
Nowadays, many people seem to choose the online dating services as an alternative to the basic ways of meeting new people and creating romance relationships. The many available online dating and friendship ...

Social Networking Described For You
For those of you who are wondering what such a thing as the social network really means, I can only point to the hundreds of websites who are trying harder each day to bring millions of ...

Broadband And The Way It Works
Most people are not aware of what the term broadband really means. Even if this is a word we keep hearing every day, we may not have a clear understanding of how broadband works. This ...

T1 Described - Pros And Cons
If you are not perfectly happy with your existing DSL connection, you can always switch to a T1. Reliability is one of the most important factors when choosing the right internet ...

  Recent Articles
Tenants With Poor Credit Even Enjoys Loan
by Turk Malloy

The UK Consumer's Guide to Shopping for Car Insurance Online
by Mary Simone

Are You Throwing Your Money Away?
by John Cranley

Easy personal loan to finance your desire!
by frank howard

Bad credit consumers can still find sources of financial assistance
by Martin McAllister

Setting up a Merchant Account
by John Tillman

Individual Voluntary Arrangement: How Does It Work?
by Martin McAllister

Stop Foreclosure - We buy houses
by Ron victor

Tax foreclosures property investment could be a nightmare investment
by mike

Spotting tax foreclosure property in USA
by mike

Making money online is virualy free
by Phill Evans

Online Criminal Background Checks: Importance & Ease
by Asel Retrac

Can't connect to database