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Bonds

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Bonds

Quite simply, a Bond helps ensure that your business does what it’s supposed to do and that the entity you’re doing it for doesn’t bear any financial harm based on you or your employee’s actions or failure to perform. The bonding company, also known as a surety, ensures your payment by requiring security or collateral if a claim is made against you.

Sound Solutions

We have sound solutions in providing both large and small businesses with the following commercial, contract and business service surety bonds:


  • Performance – These guarantee that work will be fully and satisfactorily completed according to the terms of the contract document—the agreement between the contractor and the owner (including all subsequent modifications), as well as the general conditions, drawings, and specifications.

  • Bid – These are preliminary bonds that are intended to keep frivolous bidders out of the bidding process. They guarantee that a successful bidder on a specified project will actually enter into a written contract with the project owner and will subsequently furnish final bonds, including performance and payment bonds.

  • Indemnity – These guarantee any losses that might occur if a party fails to meet deadlines that were established in a contract. They’re often used by government entities, businesses and even individuals to make sure an agreement will be fulfilled as stated. A number of different types of indemnity bonds are used in various business situations.

  • Payment – These guarantee that the general contractor will fully pay all of the subcontractors, the various material suppliers and the individual laborers that the contractor hired or used in association with a contract it entered into.

  • License – These bonds, also known as permit bonds, often are required by government agencies as a condition of being licensed. They guarantee that businesses will adhere to laws and regulations that various government agencies impose and enforce. Such bonds are purchased by collection agencies, freight brokers, home inspectors, car dealers, notaries and a wide range of other businesses and professionals.