Apply:Submit an application to a surety bond agency, providing details about your business and the bond required. Approval:The surety then assesses your creditworthiness and risk. Get a quote:Once approved, you'll receive a quote for your bond. ...
Surety bonds are a specific type of bond that involves three different parties. The first party in a surety bond is the principal...
This party is calledthe obligeeof the bond. Often, the obligee is a legal entity, like a local government or governmental agency. They usually require surety bonds from local businesses or contractors. This protects them and their citizens from “bad behavior” of whoever has the bond. To th...
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Getting a surety bond is an easy process with a few steps. Here’s what you can expect from a bond company during the bonding process: Fill out abond applicationfor our in-house underwriters to assess. Once your bond form is approved, you’ll get a free quote and an indemnity agreement...
What Is a Bail Bond? A bail bond is an agreement by a criminal defendant to appear for trial or pay a sum of money set by the court. The bail bond is co-signed by a bail bond agent, who charges the defendant a fee in return for guaranteeing the payment. ...
Learn more about the many types of surety bonds, the many different types of contracting requiring them, why they’re important and how they work.
When an Appeal Bond Is Needed Appeal bonds are usually required in civil cases involving monetary judgments. These typically include contract disputes, personal injury lawsuits, property disagreements, and business litigation. Other common cases requiring appeal bonds includeemployment lawdisputes, product ...
Surety Bonds People who can't come up with enough money to post bail don't necessarily have to stay in jail. They can obtain a bail bond, which is a type of surety bond. Surety bonds essentially are insurance policies: If you fail to fulfill an obligation to someone, the bond provider...
Obligee – specific government agency requiring the tax collector to purchase the bond to protect public from potential financial loss Surety – the company that issues the bond and provides financial guarantee that the tax collector will abide by the rules stated by the bond ...