Missouri Surety Bonds
Missouri Construction & Contractor BondsBoth state and local government agencies require bidders and contractors awarded public works projects over a certain dollar value to purchase certain surety bonds. Bid bonds, performance bonds, and payment bonds are the most common. Construction and contractor bonds provide financial protection for subcontractors, workers, and suppliers as well as for public monies used to fund a project.
Missouri License & Permit BondsPeople applying for certain types of business or occupational license in Missouri may be required to purchase a license or permit bond at either the state or local level. Motor vehicle dealers throughout the state, for example, are licensed by the Missouri Motor Vehicle Bureau. Construction contractors, however, are not licensed at the state level but may be required to obtain a local license or permit. A license bond obligates the bonded individual to conduct a lawful and ethical business or be liable for compensating anyone with a valid claim against the bond.
Missouri Court Bonds
Courts at every level of Missouri’s judicial system may impose a bonding requirement. There are two main types of court bonds:
- Appeal bonds that must be purchased by plaintiffs or defendants appealing a court decision that involves contested property or financial damages
- Probate bonds, which are often required from people serving in a fiduciary capacity, such as an executor of an estate, guardian of a minor, or custodian of an adult.
Speak with a Surety Bond Professionals agent today to discuss your bonding needs.