What are Bid Bonds?
Contractors file bid bonds to guarantee they are serious bidders and are financially stable enough to complete the project.
Bid bonds are used as financial security for contract bid proposals — Questions asked are:
- How much is the bid?
- When is bid date?
- Been bonded before?
- How long have you been a business?
- Credit scores?
What are Performance Bonds?
Performance bonds are a guarantee that a contractor will complete a construction project according to the agreed upon contract.
Tennessee utility bonds are required by various utility providers in the state on a case-by-case basis.
What are ERISA Bonds?
“Employee Retirement Income Security Act” bond, is a type of insurance that is used to protect people who participate in employee benefit plans. A defined benefit plan, a pension fund, or a 401(k) plan. This bond is required for employees who have administrative access to the retirement fund.
What are Motor Vehicle Dealer Bonds?
Tennessee motor vehicle dealer bonds are required by the Tennessee Motor Vehicle Commission if you sell 5 or more vehicles per year.
What are Liquor Tax Bonds?
Tennessee requires a business who sell alcoholic beverages for consumption on specific premises to post a $10,000 surety bond. If you sell wine only, you will need a $2,000 surety bond. If you plan on being an alcoholic beverage wholesaler or distributor, you will need a $75,000 surety bond.