Statutory Bonds are surety bonds that are being required by municipal ordinance, federal/state regulation or statute. These laws advise of specific conditions and obligations of all three parties of a surety bond.
Contractors Performance and Payment Bonds
In order to earn many different projects from a governmental entity a company may be required to obtain statutory bonds such as Contractors Performance and Payment Bonds. A Bid Bond may also be required to be able to bid on a project. A Performance Bond is a surety bond that provides guarantees that
performance on a contract will be completed as specified on the underwritten contract. A payment bond is a surety bond that provides guarantees that certain obligations will be paid in performance of the contract.
Public Official Bonds
We will touch on Public Official Bond in more detail in a later blog post. These types of bonds are required to qualify for office as a public official and are statutory bonds. The Public Official Bonds guarantee faithful performance of their duties.
A Fiduciary Bond is also another type of statutory bonds that must be posted by a fiduciary to guarantee faithful performance of their duties. A fiduciary are legal entities or people that hold positions of trust. Courts appoint fiduciaries to administer funds for others.
License and Permit Bonds
License and Permit Bonds another type of statutory bonds are required to qualify for licenses or permits. Businesses or individuals are required to post bonds that guarantee their performance of the obligations required by those licenses and permits.
Fidelity bonds (statutory bonds) are required by local and state governments as those governmental entities require their employees be under blanket fidelity bonds.
Seaman’s Insurance Group
Seaman’s Insurance Group is your premier boutique independent surety bond and insurance agency. Proudly headquartered in the oldest city in the nation, St. Augustine, Florida. We are able to help with all of your surety bond needs in Florida, Maryland, Delaware, Georgia, Texas, New Jersey and more! We are positioned to help you with all of your surety bond needs in the USA. We have the distinct capability of helping you with your International Bid Bonds, International Performance Bonds and International Bid Bonds. Whether you are shipping goods from a port in South America to a Port halfway around the world or performing services on a US Military Base anywhere in the world, we offer our expertise and unmatched capabilities to you!
Contact us now for all of your Surety Bond needs! Domestic and International!