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Surety
Bond Glossary
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M
Maintenance Bond
Subject to its terms, this bond guarantees against defective
workmanship or materials. Maintenance bonds sometimes
incorporate an obligation guaranteeing .efficient or
successful operation.
Mandamus Bond
Mandamus Bond enables a plaintiff to compel a public
official to act- covers costs and possible damages.
Medicaid / Medicare Supply Bond
A Medicaid Supply Bond is required for Home Healthcare
Agencies (HHA).
Medicaid Surety Bonds are surety bonds that guarantee
reimbursement of improper management of the patients
monies held in care by the facility. Various surety
bonds are required of agencies that provide health care
to individuals at a facility or to homebound individuals.
There are varieties of surety bond forms with varying
bond amounts. The principal is required to provide the
surety bond form, and amount of coverage required. We
can write Medicaid Surety Bonds, Medicare Surety Bonds
and Medicaid Surety Bonds regardless of your credit
situation
MFG Home Dealer Bond License and Permit bond
Required by the state in order to sell manufactured
or mobile homes.
Milk Dealer Bond
Guarantees payment for milk supplied by farmers and
dairies.
Money Lender's License Bond
Guarantees compliance with law and regulations governing
moneylenders.
N
Notary Bond
Guarantees to the state and the public, compliance with
law and possible damages for improper acts.
O
Opening Streets Permit Bond
Opening Streets Permit Bond Indemnifies city against
claims for damages under a permit to open public streets.
P
Packers and Stockyards Act Bond
Covers compliance with law and accounting for proceeds
of sales of livestock, etc
Paralegal Bond
Current California law enables non-lawyers to prepare
legal documents for people handling their own concerns.
Paralegals now recognized by the Counties of California
as Legal Document Assistants (LDA). They are registered
and required to post a $25,000 bond in their respective
counties.
Parking Lot License Bond Bond
Parking Lot License Bond Bond is required of any person
who applies for a license to conduct a valet parking
lot. Indemnifies any person whose vehicle is accepted
for parking or storage against loss because of theft
or unlawful taking of a vehicle and any damage done
to the vehicle.
Patient Trust Bond
Guarantees that principal will handle the money of persons
in the care of the principal. Patient Trust Surety Bonds
are surety bonds that guarantee reimbursement of improper
management of the patients monies held in trust by the
facility. Various surety bonds are required of agencies
that provide health care to individuals at a facility
or to homebound individuals. The Medicare Surety Bond
and the Medicaid Surety Bond provide a source for the
government to recoup taxpayer's money from agencies
that default from the program and/or fail to repay Medicare
or Medicaid invoices. We can write Patient Trust Bonds,
Medicare and Medicaid Surety Bonds regardless of your
credit situation.
Payment & Performance Bond
A bond given by a contractor to guarantee payment, subject
to the bond terms, for the labor and material used in
the work, which he/she is obligated to perform under
the contract. This liability may be contained in the
performance bond, in which case a separate labor and
material bond (payment bond) is not issued.
Pawnbrokers License Bond
For the benefit of pledgers of pledged property when
the property is not available to redemption due to the
criminal negligence of the pawnbrokers. The pledger
must comply with the loan conditions. Guarantees compliance
with law and regulations governing the operation of
pawnbrokers business.
Pest Control Bond
Pest Control Bond Principal will comply with provisions
pertaining to his license and will reimburse any person
damaged by fraud of dishonesty of the principal in the
performance of any contract entered into.
Petitioning Creditors Bond
When a petition is filed to have a person declared bankrupt
and application is made to have a receiver or a marshal
take charge of the property of the alleged bankrupt
prior to the hearing, the petitioners are required to
purchase a bond to indemnify the alleged bankrupt for
such costs, counsel fees, expenses, and damages as may
be occasioned by such seizure, in case the petition
be dismissed or withdrawn by the petitioners.
Pharmaceutical Bond
This Bond is required by the Federal Agencies to sell
Pharmaceutical Products.
106. Plumbers Bond Covers compliance with ordinance
and regulations governing the performance of plumbing
work.
Postal Unit Bond
Postal Unit Bond runs to the U.S. Postal Service. Bond
covers postal units in shopping malls, etc. where stamps
are sold, letters mailed, and other regular post office
transactions.
Prepaid Rental Listing Bond
Guarantees the principal shall refund the advance fee
paid by a perspective tenant if the principal does not,
within five (5) days of the execution of the contract,
supply at least three (3) rental properties then available
to the prospective tenant and meeting the specs of the
contract.
Private School Bond
The bond will guarantee the refund of student tuition
and/or fees if the school goes out of business.
Process Server Bond
If a process server causes damage to property the bond
will be able to guarantee repairs on the property.
Produce Dealer Bond
Guarantees accounting for produce shipped by farmers
and others.
Probate Bond
the assigned person who handles the property and monies
of an estate. Subject to its specific terms, this bond
guarantees an honest accounting and faithful performance
of duties by administrators, trustees, guardians, executors
and other fiduciaries. These bonds are customarily filed
in a probate court
Public Official Bond
Real Estate Agent / Broker Bond Subject to its specific
terms, this bond guarantees faithful performance of
duty by a public official in a position of trust. It
also provides for an honest accounting of all public
funds handled by him/her.
R
Redelivery Bond
Redelivery Bond is to regain possession of property,
pending outcome of the court action. Subject to its
terms, this bond guarantees redelivery of the property
to plaintiff, if ordered to do so or otherwise to comply
with a court order or judgment
Referee For Sale Of Real Estate
Guarantees faithful performance of duty as master appointed
by the court to sell real estate involved in litigation.
Referee In Bankruptcy Bond
Covers faithful performance of duty by officials appointed
by U.S. District Court to supervise bankruptcy matters.
Refunding Bond
Guarantees return of money if return is required by
court order or otherwise.
Registration Service Bond
Guarantees principal will cover any losses to the public
or State of California arising out of the operation
of the registration service including paying to the
State or any political subdivision thereof, for any
losses incurred due to violations.
Relocation Permit Bond
Involves moving a house from one location to another.
The city where the house is being moved requires bond.
Bond guarantees the house will be brought up to code.
Restoration Bond
Generally it provides for the protection of the public
health, safety and welfare, during and after mining
operations. It also guarantees restoration of the land
to its original condition.
S
Second-Hand Dealers License Bond
Covers compliance with ordinance governing the licensing
of second-hand dealers
Securities Dealers Bond
Many states control the sale of securities under regulations
known as Blue Sky Laws. These laws are designed to prohibit
the sale of worthless securities. Blue Sky Bonds are
required of security dealers to indemnify purchasers
against loss caused by false representations.
Seller Of Travel Bond
Seller Of Travel Bond Used by travel agents to guarantee
payments for airline tickets.
Sewer Tappers Bond
Covers compliance with ordinances governing the operations
of a sewer tapper
Sign Hangers Bond
Covers compliance with ordinances governing the operations
of a sewer tapper.
Special Guardian Bond or Temporary Administrator
Bond
Covers administrator under an appointment by the court
for a specific purpose-temporary.
Statutory Bond
A term generally used describing a bond given in compliance
with a statute. Such a bond usually carries the liability
the statute imposes on the principal and the surety.
Stockyards and Livestock Dealers
This guarantees payment for livestock shipped to the
principal; and, where an organization is involved, accounting
for the proceeds of the organization.
Street Obstruction Bond
Covers compliance with ordinances and indemnifies city
against claims arising by reason of a permit to obstruct
streets.
Subdivision Bond
Subdivision Bond Many municipalities provide by law
and /or ordinance that a developer who undertakes to
lay out a housing or industrial subdivision shall purchase
a bond to guarantee that, within a specified time, improvements
on the property, such as streets, sidewalks, curbs,
gutters and sewers will be constructed. The bond usually
guarantees that the improvements will be made at the
expense of the developer and the principal of the bond.
Supply Bond
This bond, subject to its terms, guarantees faithful
performance of a contract to furnish supplies or materials
and in the event of default by the supplier, the surety
must indemnify the purchaser of the supplies.
Supply Contract Bond
Supply Contract Bond Covers performance of a contract
to supply material, commodities, etc.
T
TABC Bond
A bond given in compliance with Federal or State laws
or regulations governing the sale, manufacture or warehousing
of alcohol for beverage or non-beverage purposes.
Talent Agency Bond
Guarantees that principal will pay all sums due any
individual or group of individuals when the principal
or his representative has received such sums. Pays all
damages to any person because of misstatement, misrepresentation,
fraud, deceit or any unlawful act. Talent Agency Surety
Bonds are surety bonds required by Municipalities, States
and Federal Governments to ensure principal abides by
the governing rules and regulations. Each has their
own specific surety bond form. The principal is required
to provide the surety bond form. The amount of the surety
bond varies; be sure to indicate amount required on
the surety bond application. We can write Talent Agency
Surety Bonds regardless of your credit situation,
Tax Bonds
These bonds guarantee to the governing authority the
payment of sales tax or use tax in different jurisdictions.
Tax Collector Bond
Covers faithful performance of duty by tax collector,
in some cases liability for uncollected taxes.
Temporary Administrator Bond
Covers faithful performance of duty by administrator
appointed by the court for a specific task-temporary.
Tobacco License Bond
Covers compliance with law and regulations in the handling
and sale of tobacco.
Tobacco Tax Bond
Covers payment of tax on tobacco, handled or sold
Traffic Violator School Bond
G uarantees the school operator will not practice fraud
or make fraudulent representation that may cause harm
to any person taking instruction
Travel Agents Bond (ARC)
Guarantees payment for airline tickets.
U
Used Car Dealer Bond
Used Car Dealer Bond or Motor Vehicle Dealer Bond(MVD)
or Auto Dealer Bond these are all the same bonds.
W
Wage & Welfare Bonds
Wage Bonds guarantee employer contribution to welfare
funds, including payment of wages. Welfare Funds Bond
guarantees employer contribution to welfare funds, including
payment of wages.
Warehouses and Grain Elevators
Covers compliance with the law and regulations for storage
and handling of grain and commodities.
Waste Hauler Bond
Guarantees that principal will collect and dispose of
solid wastes as prescribed by the City or County in
connection with the contracts by the City or County.
Weigh Master Bond
Licensing of private weighers. Guarantees faithful performance
of weighing produce and other items.
Wreckers License Bond
Indemnifies a municipality against loss due to claims
for personal injury or property damage resulting from
house moving or wrecking operations.
Y
Yacht and Ship Broker Bond
Principal is accountable for funds received in transaction
in connection with yacht/ship sales. Bond is a guarantee
against fraud, deceit or willful negligence of principal
or failure of principal to comply with provisions of
applicable chapter. Yacht Broker Surety Bonds are surety
bonds required by Municipalities, States and Federal
Governments to ensure principal abides by the governing
rules and regulations. Each has their own specific surety
bond form. The principal is required to provide the
surety bond form. The amount of the surety bond varies;
be sure to indicate amount required on the surety bond
application. We can write Yacht Broker Surety Bonds
regardless of your credit situation.
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