• 4500 S. Lakeshore Dr., Ste. 265
  • Tempe, AZ 85282
  • P: (480) 820-2297
  • F: (480) 820-2570
  • Contact Us

Bonds and Term Glossary

Bonds generally are to guarantee the performance by one party of an obligation to another. Though there are numerous bonds available, the most common are listed below.

Bid Bond guarantees to owner or general contractor that a contractor bidding a specific project will, if the bid is accepted, be able to provide a performance and payment bond for the subject project.

Payment & Performance Bond guarantees 1) Performance Bond – that the contractor will perform and complete the awarded project pursuant to the terms and conditions of the subject contract; and 2) Payment Bond – that the contractor will pay all bills (i.e. labor, suppliers, and subcontractors) in accordance with the terms and conditions of the subject contract.

Notary Bonds are required by individuals who have notary commissions.

License Bonds are provided where states or municipalities require them in order to obtain permits or licenses to do business.

Agents

Personal Lines Sales & Service Representative
Beth Whitsitt

bwhitsitt@hegartyhaynes.com


Commercial Lines Sales & Service Representative
Liz Millwee

lmillwee@hegartyhaynes.com


Bonding Specialist
Kris Losman

losman_k@msn.com


Agency Principal & Commercial Sales
Tim Hegarty

Tim@hegartyhaynes.com