A bond is the promise of one party (obligee) to pay the debt of another party (the principal) in the case that said party fails to meet some requirement such as fulfilling a contractual obligation. Their can be several types of bonds and fall into 4 subcategories:
• License and Permit Bonds
o Contractor’s License Bonds: These bonds represent a guarantee from a Surety that a contractor (plumbers, electricians, and general contractors) will comply with regulation or state codes. An example of these license and bonds is represented by the Arizona Registrar of Contractors underneath:
Reliable Risk Management has a range of experts in the bonds field and is always looking to provide the correct bonds for the job. With our innovative quick bond link, you can get a bond up to $400000 for small contract work. Any one of our agents is also ready to work with you on larger or more custom bonds. Get in touch with us today!