Contract Bonds that are written for projects or contracts. An employer (the Bond Beneficiary) seeks a contracting entity (the Insured) to fulfil its contractual obligations. Examples include Bid Bond, Security Deposit Bond, Performance Bond and Advance Payment Bond.
Commercial Bonds cover a very broad range of bond types that guarantee performance by the Insured of the obligation or undertaking described in the bond. These bonds are required of individuals and businesses by the local governments, local regulations or by other entities. Examples include Immigration Bond, Rental Bond, License Bond and miscellaneous bonds.