There are many circumstances where a Surety Bond may be required. A surety bond is an instrument whereby the obligee (the party requiring the bond) will be paid a sum up to the penal amount (the face amount) of the bond if certain conditions occur.
In the Surety world, there are three major categories of bonds—Commercial Surety Bonds, Contract Surety Bonds, and Court Bonds.
Commercial Surety Bonds are common and transactional—meaning, they frequently occur and generally, the bond conditions are fixed and nonvarying. In most cases, a governmental entity is the obligee and the bond is a condition of granting some sort of privilege or license. Examples include occupational license bonds, sales tax bonds, DMV lost title bonds, ERISA bonds.
Call or email Fulcrum Point Insurance and Bonding Agency, Inc. today to discuss your bonding needs with a surety professional. For your convenience, you may also fill out the contact request form and a Fulcrum Point surety professional will contact you.