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Contract, Performance and Commercial Bonds. |
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What are Commercial Bonds? Commercial Bonds All bonds, except those classified as contract or performance, are commercial bonds. These bonds are usually required by law and are unique for each type of bond case. Commercial Blanket Bonds Guarantee the honesty of one or all employees of an organization. Conservator Person or organization selected to protect the interests of a minor or a person deemed incompetent. Contract Bonds Guarantees the performance of a person or organization in fulfilling the terms of a contract. Most of these contracts are for construction, and the contractor must meet prequalification standards and credit worthiness before being approved for the bond. Cost Bond Bond guaranteeing the payment of the cost of a trial and/or judgment of verdict. Court Bonds Court bonds are bonds required by a body of law. Building Sub-contractor bonds. Like plumbing, electrical, flooring, engineer.
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