New Hampshire Surety Bond is a legally binding agreement that guarantees the performance of a business or individual in accordance with the terms of a contract or the provisions of state law. It is a three-party contract, with the obliged (the entity requiring the bond), the principal (the business or individual who will be performing the services or providing the products), and the surety (the company guaranteeing the bond). The surety guarantees the principal’s performance and is liable for any damages if the principal fails to fulfill the terms of the contract or the provisions of state law. The surety is typically a large insurance company. Different types of New Hampshire Surety Bonds include License and Permit Bonds, Bid Bonds, Performance Bonds, Payment Bonds, and Court Bonds. License and Permit Bonds are required by the state government to ensure compliance with applicable laws and regulations. Bid Bonds are required when submitting a bid for a contract and guarantee the principal’s commitment to enter into the contract if selected. Performance Bonds guarantee the principal’s performance of specific contractual obligations. Payment Bonds guarantee the payment of subcontractors, suppliers, and laborers. Court Bonds are required when filing certain legal documents with the court.