If you’re wondering how to get a bid bond, it’s actually relatively simple. The first step is qualifying for the bond you need for a particular project. To get started, we will need the due date of the bid bond, the amount, your credit history, and whether or not you have been ...
It’s important to understand that there is a wide variety of bond funds. In fact, you can choose a fund based on your own investment preferences. For example, a bond fund may hold sureties due to maturity within 5 years. That can includefive-yearTreasury notes, but it can also include...
Surety bonds must be underwritten before they are given. This is because the surety takes a risk by promising to cover the costs of a claim. The underwriting process is a way to make sure that the principal of the bond is “trustworthy.” The surety also protects the obligee. By signing...
A bondsman is a person or company that acts as a surety and pledges money or property as bail to secure the release of a defendant from jail. The concept of using sureties as a form of collateral dates back to ancient Rome, where they were known as "bail bonds." In the modern legal...
How Much Should a Performance Bond Cost? The construction bond cost of a given bond will fluctuate greatly based on several factors. The two primary criteria commonly used by sureties when determining how much to charge for a performance bond is the amount of the bond in addition to the over...
Suretyship has been recognized since ancient times, and was commonly used in medieval commerce. It was also used in feudal England, where lords required sureties from their vassals to ensure their loyalty and proper behavior. Today, surety is used in various forms, including surety bonds in con...
When it comes to claims, sureties and insurance companies have different amounts of control over how the claim is handled and how the payout is issued. Let’s look at bonds. Depending on how the bond is written, a surety company can have almost total control over how the claim is resol...
When a court bond is issued, it acts as a contract between the principal (the party requiring the bond) and the surety or bonding company. The surety guarantees that the principal will fulfill their obligations as mandated by the court. In the event of a breach or failure to comply, the...
Most often, it's done by requiring the one hired to obtain a performance bond. For anyone seeking work in the construction industry, it's crucial to understand how this common type of surety bond works and why it is critical to your business. Viking Bond Service is here to break it ...
The ATA Carnet does away with the need to pay customs duty at a port of entry, keep the imported goods in bond, furnish sureties and guarantees, or fulfill other customs formalities normally associated with the import of goods. It is a system of quid pro quo where the appointed bodies of...