What Bond Do I Need?
There are over 50,000 bonds in the U.S. and bond requirements, amounts and regulations are typically set at the state level.
To find out more about the bond you need, first select your state below! enter your zipcode below!
Or, choose your state from the list below:
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- Washington D.C.
- West Virginia
How Do Surety Bonds Work?
To put it simply, they guarantee that specific tasks are fulfilled. This is achieved by bringing three parties together in a mutual, legally binding contract.
- The principal is the individual or business that purchases the bond to guarantee future work performance.
- The obligee is the entity that requires the bond. Obligees are typically government agencies working to regulate industries and reduce the likelihood of financial loss.
- The surety is the insurance company that backs the bond. The surety provides a line of credit in case the principal fails to fulfill the task.
For a more in-depth definition of surety bonds, watch the video below to get a breakdown of the two major bond categories and examples of how surety bonds are used in industries today.