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A tax bond is a type of financial guarantee bond that may be required for your business if you operate in certain areas. Here at Surety by NFP, one of the main products we offer are sales tax bonds. Before you get started on the bonding process, you should be aware of what they are and the many different types, so that you can be well informed and make the best decision possible for your company. For anyone asking themselves "What is a tax bond?," it's a financial guarantee bond that offers sec

In states with tough construction defect laws, litigation has long been a burden on balance sheets for general contractors and created challenges in seeking adequate insurance coverage. Builders in states such as California, Colorado, Florida, Oregon and Washington, already challenged by construction defect laws, are now navigating an even tougher market thanks to material cost increases, concrete rationing, and delayed plumbing fixtures and kitchen appliances. Project delays, materials costs a

Most states in this country require professionals to obtain a contractor's license bond, and California is no exception. Although it is only one type of surety bond which is common to the construction industry, the contractor's license bond has a great deal of importance, because it offers a certain level of protection to a project owner that the contractor in charge of a specific job, or who is in charge of managing some number of subcontractors, will complete any work agreed to in a professio

If you are a plumber or gas fitting contractor that conducts business in the District of Columbia, there is a very important deadline approaching. The surety bond renewal date for all DC Plumbing and Gas Fitting contractors or designated masters is March 31 of even-numbered years. The license bond amount is $5,000 with a two-year annual premium of $175. Who Needs to Obtain a Bond? DC Plumber and gas fitting contractors often are required to get licensed or registered with district or city

Vehicle Title Bond Although it is not generally known, a bonded title is actually an acceptable alternative to the standard vehicle title normally required to prove ownership of some kind of motor vehicle. Sometimes referred to as a certificate of title surety, they are considered proof of ownership by the Department of Motor Vehicles, as well as by insurance companies when purchasing insurance becomes necessary. In most cases, bonded titles are issued for automobiles, although they c

When a surety company, is obliged to pay the amount of a claim made against an indemnity bond made by a specific obligee, it would, of course, suffer an immediate loss. However, under the terms of the indemnity contract, it would have the right to recover any losses incurred by legally pursuing the principal to make good on those losses. The personal and corporate assets of the principal would become fair game in such cases, under the guidelines of the indemnity contract, and could pursued in a

A payment bond is a type of surety bond issued to contractors which guarantee that all entities involved with the project will be paid. A payment surety bond is a legal contract, a type of bond, that guarantees certain employees, subcontractors, and suppliers are protected against non-payment. Other common names for these include 'construction', and 'labor and material'. In government contracting, these bonds are sometimes referred to as 'Miller Act Bonds'. Private construction bonds are either

A surety bond is a legally binding contractual agreement between three parties, all of whom are involved in a work task or project, which will be accomplished by the first of the three parties, known as the principal. The principal is usually a professional contractor offering services to the public for which he has been trained, and has been providing professionally for some period of time. The contractor is hired by a party known as the obligee. The obligee hires the contractor with the under

Many people have never heard of a termite bond, often incorrectly referred to as a termite warranty or termite insurance. Most new home buyers, and many professionals, who hear the phrase 'termite bond' wonder, 'What are they?'  An understanding of what they are and what is not a termite bond can save a great deal of frustration, time and money. So, let's start to learn. A termite bond is an agreement purchased to warranty termite prevention treatment by a home builder, or by an