A Surety bond is a promise by a surety to pay the obligee a certain amount if the principal fails to meet some obligation mentioned under a contract.
This Infographic titled “Different Types Of Commercial Surety Bonds” describes about the various commercial bonds available.
Some of the most popular commercial bonds are:
Agricultural & Citrus Surety Bonds: This type of Surety bond is required to be posted and be licensed with the Department of Agriculture by individuals who want to buy or resell agricultural products.
Auto Dealer Surety Bonds: An auto dealer bond is required to be provided as a financial guarantee by people who want to get their vehicle dealer license.
Contractor’s License Surety Bonds: This type of bond provides guarantee that the contractor will remain in compliance with all laws which are applicable and pertaining to their profession.
Fuel Tax Surety Bonds: A Gasoline Tax Bond provides guarantee to the government entities that the principal (supplier of the fuel) will pay any and all taxes on fuel sold.
For further details, refer the given Infographic.
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