Chances Bonding Services

About Us

A surety bond is an agreement between three parties namely Principal, Surety and Oblige. Providing financial protection to the oblige that the principal will follow the rules and fulfill their obligations. Surety Bonds are of different types such as Court Bonds, Commercial Bonds, and Construction bonds.
Court bonds minimize the risk of financial loss for an individual working their way through a court of law. They make sure that the court appointed task is fulfilled. The two main types of court bonds are judicial bonds, fiduciary/probate bonds which are further divided into subcategories. While Judiciary omg bonds protect you from losses resulting from a judicial ruling. Types of judicial bonds include appeal bonds, bail bonds, and plaintiff’s-attachment bonds. On the other hand, Probate/Fiduciary bonds make sure that the executor is performing their work with honesty and full responsibility. Types of fiduciary/probate bonds include custodian bonds, executor bonds, and guardianship bonds.
With Construction bonds, the risks of project completion are shifted from the owner to the surety company. For that reason, many private owners require surety bonds from their contractors to protect their company and shareholders from the enormous cost of contractor failure. To bond a project, the owner specifies the bonding requirements in the contract documents. Obtaining bonds and delivering them to the owner is the responsibility of the contractor, who will consult with a surety bond producer. Subcontractors may also be required to obtain surety bonds to help the prime contractor manage risk, particularly when the subcontractor is a significant part of the job or a specialized contractor that is difficult to replace.