Turnpike Surety Bond

A Turnpike Surety Bond is a surety bond required by certain commissioners of turnpike in certain jurisdictions. The bond is required of companies that have vehicles used for commercial business who want to use the turnpike without having to pay tolls in cash or tickets each time they use the turnpike. The companies obtain a pass for their drivers and are then billed for their usage on a periodic basis. The bond guarantees that the company will pay for the tolls incurred in a timely manner and provides the commissioner insurance against any defaults of payments by the companies.