Alaska Surety Bonds

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Required Surety Bonds in Alaska

Typical Alaska bonds include (click on any for more info):

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Required Surety Bonds in Alaska

All Alaska surety bonds fall into one of these three broad categories: construction and contractor bonds, license and permit bonds, and court bonds. Each of these categories includes a number of different types of surety bonds.

Alaska Construction & Contractor Bonds

State and local governments alike require certain surety bonds from contractors in conjunction with public works projects valued over a certain dollar amount. The most common of these are bid bonds, performance bonds, and payment bonds.

Bonds in this category provide financial protection for subcontractors, workers, and suppliers. They also protect the public funds used to pay for a project.

Alaska License & Permit Bonds

State and local governments also require people applying for a license or permit to operate certain types of businesses to purchase a license or permit bond.

Alaska’s Division of Motor Vehicles, for example, licenses auto dealers throughout the state, but some local governments have their own licensing requirements for auto dealers. Similarly, there is statewide licensing of construction contractors by the Alaska Department of Commerce, Community, and Economic Development and may also be required to obtain a local license or permit.

The purpose of a license bond is to guarantee that the bonded individual will conduct business in a lawful and ethical manner or compensate anyone with a valid claim against the bond.

Alaska Court Bonds

Any court in Alaska can require a court bond, of which there are two main types:

  • Appeal bonds—required in certain cases involving the appeal of a court decision, especially when contested property or financial damages are at stake
  • Probate bonds—required from people managing the assets of another, such as an executor of an estate, guardian of a minor, or custodian of an adult.

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