A commercial surety bond is sometimes referred to as a "non-contract bond" because it does not guarantee a specific contract like a construction bond would. These bonds are an agreement between a principal and an obligee that a certain obligation will be performed. The agreement usually states the principal (also known as the licensee) will conform to the ordinances or laws relating to the business they are engaged in. Commercial Surety bonds are comprised of License & Permit, Notary, Financial Guarantee and Public Official and many others.