When most people think of surety bonds, they think of bail. But there are many other types of surety bonds, each with its own purpose. In Texas, a contractor might be required to have a performance bond to guarantee that they will complete the project as agreed. If the contractor fails to meet their obligations, the bond ensures that the property owner can still get the work completed and/or compensated for any damages.
On the other hand, a fidelity bond can protect an employer in case an employee commits theft or fraud against the company. There are also many other types of bonds, each has its own unique uses. So if you think you or your business needs a surety bond for security, guarantee, or protection, then it is best to know more about the different types of surety bonds in your area. And if you’re in Texas, we’ll define some of the popular types of Texas surety bonds.