Suretyship exists when one party guarantees on behalf of another party the performance of any obligation in favor of the Third Party.  Suretyship refers to the contract among the Surety, the Principal and Obligee, while Surety Bond refers to the legal instrument embodying said agreement.

PBIC offers the following types of Bonds:

A.  Bid Bond

It is fairly common for firms or individuals who wish to construct or reconstruct structures or make installation or repairs to announce the work being contemplated and ask contractors to seek their bid for the work.  This bond guarantees that the bidder, if awarded the contract, will enter into the Contract and furnish the Performance Bond and Payment Bonds as may be required.

B.  Performance Bond

It guarantees the contractor’s full and timely completion or fulfillment of its obligations under a contract.

C.  Labor & Material (or Payment) Bond

It provides security for the vendors, suppliers or workers of the contractor in the event that the contractor fails to pay them when payment is properly due.  

D. Notary Bond

The bond ensures that as  a Notary, you will fulfill all obligations to protect the public from financial harm from any wrongdoing on your part when performing notarial duties.