There are different types of bonds depending on the obligation to be guaranteed:

Credit bonds: guarantee before legal entities and previously established dates, the payment of a credit granted for the purchase of goods, services or financing obtained through different beneficiaries.

Judicial bonds: guarantee the fulfillment of obligations within a judicial proceeding or specific legal resolutions, requested by individuals.

Fidelity bonds: compensate the employer for any property damage that may be caused by one of its employees to its property or the property of third parties for which it is legally liable. They cover theft, fraud, breach of trust and embezzlement.

Administrative bonds: guarantee compliance with any valid, legal and economic obligation between federal government entities or individuals.

There are 3 main persons involved in a bond:

The beneficiary: the person who requests it because he/she wants to be sure that he/she will not lose money.

The principal: the person whose service or payment is in question; for example: the architect who is going to build a house or the person who requests a credit or money loan.

The guarantor: the person and/or company who will give the bond, and who guarantees that the principal will fulfill his obligations, otherwise he will pay the consequences.

Translated by: A.M