Bonds

Bonding depends a great deal upon the relationship between the bond underwriter (surety) and the agent providing these services to the client. The Ten Eyck Group takes pride in maintaining long-standing relationships with various sureties built upon trust and our expertise in this field.

Contract Bonds

Contract bonds guarantee the performance of a written contract according to its terms and conditions. Contract bonding require extensive underwriting and a unique understanding of financial risk.

Types of Contract Bonds

• Bid Bond
• Performance Bond
• Payment Bond (Labor & Materials Bond)

A Bid bond guarantees that the low bidder on a project will enter into a contract and provide a Performance bond.

A Performance bond guarantees that the contract will be completed according to its terms and conditions.

A Payment bond guarantees payment of subcontractors, and material suppliers.

License & Permit Bonds

License bonds guarantee that the Principal will comply with certain requirements established by the Obligee. (The Obligee is usually an official entity such as a govermental body, township, city or state).

Permit bonds are often required for licensing privileges

Types of License & Permit Bonds:

• Electrician
• Plumber
• Sign Permit
• Liquor Sales License
• Private Detective's License

Public Official Bonds

A public official bond guarantees that elected or appointed officials will faithfully discharge their duties. The amount of the bond as well as the specific duties that the officials are charged with are usually specified by statute or ordinance.

Types of Public Official Bonds:

• Treasurers/Controllers/Clerks
• Tax Collectors/Assessors
• Police Officials/District Attorneys/Judges/Notaries