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Surety/Bonds

Telamon has been a trusted provider of all types of surety bonds for clients throughout New England since 1977.  There are many types of bonds offered by the surety market. They are separated into two primary categories, Contract and Non-contract. The Contract bonds (including bid, contract and payment bonds) are used when a contractual obligation is made regarding specific contracts. The Non-contract bonds (including license, permit, and judicial bonds) relate to obligations and performances that must be met but are not due to a contract.


Bonds - Bid Bonds
The bid process can be a long one. When it is complete the customer expects the contractor or supplier to deliver as promised. Many times a bid bond is required that obligates the surety to honor the bid bond by either issuing a contract bond if the contractor or supplier receives the contract or pay a penalty that will offset the cost of reopening the bid process.


Bonds - Contract Bonds
Contracts are a way of doing business. One way to guarantee that a contract is performed is to require that a bond be posted for its successful performance. The bond provides a level of security beyond the signature on the contract. The purchaser of the services is assured that either the contract will be carried out or a Surety will compensate him. 

 

Bonds - License Bonds
Most municipalities and states require license bonds of many types of business in order to obtain permits or licenses.