Airline reporting bonds are also known as ARC bonds, because they are a requirement of the Airline Reporting Commission (ARC). Travel agents must obtain an ARC bond in order to be accredited by ARC to receive travel-related information and distribute airline tickets.
Appeal bonds, also known as supersedeas bonds or defendant’s appeal bonds, are designed to ensure that defendants appealing the decision of a lower court in a civil matter will pay the original judgement amount to the plaintiff if the appeal is unsuccessful
Making preneed funeral arrangements solves some problems. But because it involves pre-paying funeral expenses, potentially many years in advance of incurring any actual costs, it raises some trust issues. Preneed funeral bonds are designed to address those issues
Any business applying for a license to operate as a credit services organization in a state that requires such businesses to obtain a license and permit bond must purchase a credit services organization bond before a license will be granted.
Lottery bonds, also called lotto bonds, are hybrid surety bonds that function as both license and permit bonds and financial guarantee bonds. They protect the public against fraud and dishonest behavior by establishments that sell lottery tickets. They also protect the state Lottery Commission or other agency that administers the lottery programs the state participates in, including multi-state lotteries, and licenses ticket sellers.
The purpose of a payment bond is to ensure that contractors pay their subcontractors, laborers, and suppliers in a timely manner. Like other types of contractor surety bonds, they may be required as a condition of being awarded a construction contract by either a public or private sector entity.
Alcohol bonds are a form of license and permit surety bond. Their primary purpose is to ensure that businesses manufacturing, selling, warehousing, transporting, or distributing alcoholic beverages do so in compliance with state law, including paying required taxes and fees.
Medicare bonds are surety bonds required by the Centers for Medicare and Medicaid Services (CMS) as a preventive measure against medical billing fraud, specifically fraudulent billing for durable medical equipment, prosthetics, orthotics, and supplies (DMEPOS).
Many health clubs collect membership fees from members when they join. Health club bonds ensure that members don’t lose out if their club doesn’t uphold its end of the membership contract, or ceases operations before they have reached the end of their membership.
A money transmitter bond is a type of license and permit bond. These bonds are also called money remitter bonds, check casher bonds, money services business bonds, or electronic money transfer bonds, depending on the state and the nature of the business.
An FRO bond designates a specific individual to be held responsible for ensuring that an organization’s accounting and financial practices are both lawful and ethical. It also guarantees that all of the company’s other fiduciary responsibilities are carried out in a lawful and ethical manner and that all necessary paperwork will be provided to the relevant authorities.
Tobacco bonds, also known as cigarette tax bonds or tobacco tax bonds, are a type of financial guarantee surety bond. They guarantee that businesses selling tobacco products do so in accordance with applicable laws and remit the proper sales tax to the state.
A maintenance bond, sometimes referred to as a warranty bond, is a type of contractor surety bond that is designed to protect the owner of a completed construction project against financial loss due to construction defects and problems associated with materials and workmanship that may not be immediately apparent.
In some states, title agent bonds are referred to as title agency bonds, title insurance settlement agent bonds, title insurance agent bonds, title attorney bonds, or escrow agent bonds. Regardless of what it’s called, it is a form of license and permit bond required by many states in order for title agents and agencies to obtain a license and operate in the state.
Subdivision bonds refer to a type of surety bond required when property owners split up residential or commercial properties into smaller ones for individual resale. The bond guarantees payment of suppliers, subcontractors, and laborers carrying out the improvement work.