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Here’s more from the original explanation of the concept by Bonds for The Win.
“Surety bonds provide financial guarantees that bondholders such as public officials, companies, contractors, or unions will uphold their contracts according to mutual terms.
Surety bonds protect WE THE PEOPLE from fraud and malpractice. When a bondholder breaks a bond’s terms, the harmed party can make a claim on the bond to recover losses.
There are three parties included in a Bond Agreement:
– Bondholder – All elected public officials are required to be bonded and they must sign an oath to uphold the Constitution of their State as well as the Constitution of the United States for America. Companies, contractors, and even unions are also required to have a surety bond.
– We the People – The community for whom the bondholder is OBLIGATED to serve.
– Surety Bond Company – This is the company that guarantees that the bondholder will serve the people.
If a claim is filed against a bondholder, the Surety Bond Company is responsible for accepting the claim(s), notifying the bondholder, demanding that the bondholder address the claim and starting an investigation if the bondholder does not resolve or rectify the situation.
The Performance Bond is the most common surety bond. This bond assures that the bondholder will perform and properly execute all the terms and conditions of an awarded contract or to fulfil his or her duties to the public as specified.”
“Public Official Bonds
A public official is a person who holds a position of official authority that is conferred by a State, City, County or other municipality. They often hold a legislative, administrative or judicial position of sorts and is either elected or appointed. Relative to surety bonds, notaries public are the most common public official. A public official bond provides indemnity for failure of a public official to faithfully perform their duties while properly managing funds they might oversee for the term of their designation.
What Are The Two Common Types Of Public Official Bonds?
Public Official Bonds may serve different functions: Fidelity Bonds and Faithful Performance Bonds. Also, states use “fidelity bond” and “faithful performance” interchangeably, there is a difference between fidelity coverage and faithful performance coverage.”