Surety Bonds:
A surety bond is a guarantee in which a surety guarantees that the principal in the bond will perform the obligation stated in the bond. If the principal fails to perform the obligation stated in the bond, both the principal and the surety are liable on the bond and their liability is "joint and several" which means that either the principal or surety or both may be sued on the bond, and the entire liability may be collected from either the principal or the surety with the principal being ultimately responsible.
Fiduciary Bonds:
A fiduciary bond is a judicial bond that guarantees that a court-appointed fiduciary, an executor or guardian, performs all duties. A fiduciary bond is required by the court in order to protect the person for whom the fiduciary is acting, such as a ward or invalid. A fiduciary's responsibilities could range from managing an estate to giving financial advice. A fiduciary bond is also known as a probate bond. Examples include: Guardianship Bonds, Administrator Bonds and Executor Bonds.
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Types of Bonds:
- Bid & Performance Bonds
- License Bonds
- Notary Bonds
- Court Bonds
- ERISA Bonds
- Real Estate Bonds
- Probate Bonds
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