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Court bonds are surety bonds required by courts to ensure individuals fulfill legal obligations. They protect parties from financial loss in cases like probate, guardianship, or appeals. Common types include fiduciary and judiciary bonds, which guarantee ethical conduct and compliance with court rulings during litigation or asset management.
License and permit bonds are surety bonds required by government agencies to ensure businesses comply with laws and regulations. They protect the public by guaranteeing ethical conduct and financial responsibility. Commonly needed for contractors, auto dealers, and other regulated professions, these bonds help build trust and ensure legal compliance.
Contract bonds are surety bonds that guarantee a contractor will fulfill their contractual obligations. Common types include bid, performance, and payment bonds. They protect project owners from financial loss due to contractor default, ensuring work is completed as agreed and suppliers are paid, especially in construction and large-scale projects.
Miscellaneous bonds cover obligations not classified under standard bond types. They guarantee compliance with unique agreements, such as utility payments, lost securities, or union wage guarantees. These bonds protect public or private interests by ensuring financial responsibility when specific duties or conditions are unmet.
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