A surety bond is a kind of contract intended to protect the recipient against losses in the event of failure of a second party to meet a specific obligation. The bond usually involve three parties: the principal, the obligee, and the surety. A surety bond not only provides protection against losses; it also demonstrates the credibility and the ability of the principal to meet the obligations. For this reason, a large number of businesses and contractors use surety bonds as a means to guarantee t read more

Required by the probate courts, a probate bond is generally purchased by the executors, trustees, and administrators as a guarantee that they will perform their duties. These types of bonds are also known as fiduciary bonds, as the individuals holding the bonds have a fiduciary duty to be faithful and competent. Continue reading What Are the Types of Probate Bonds? read more

Those who are looking to get their motor vehicle dealer license are generally required to provide a surety bond to guarantee that their dealership will comply with industry regulations. An auto dealer bond, also known as car dealer bond, automobile bond, DMV bond, dealer bond, motor vehicle dealer bond, etc. is used to protect consumers from fraud or any other unethical activities committed by dealerships and their employees. Continue reading How Can You Get Your Auto Dealer Bond? read more

The ERISA or Employee Retirement Income Security Act is an act that sets rules and standards of conduct for private sector employee benefit plans and those that invest and manage their assets. ERISA simply refers to persons who are involved in handling of funds and other property of an employee benefit plan as ‘plan officials’. Continue reading What is the Importance of ERISA bond? read more

Before receiving an auto dealer license, auto dealers in most states must file a surety bond with the state’s Department of Motor Vehicles (DMV). Surety bonds are specifically designed to protect customers and the state from auto dealers that commit fraud. A surety bond is assurance that your dealership will follow the car dealership legislation and regulations in your state. Continue reading Things You Must Know about Auto Dealer Bonds read more

It is not possible for every farmer to take his or her product to market themselves. In some instances, they require an agriculture dealer to help them sell their product. The person who helps the farmer to sell their product in the local market is known as an agriculture dealer. Typically, an agriculture dealer buys the products from the farmers and resells those products in the market. Continue reading What is an Agriculture Dealer Bond and Why Do I Need it? read more

The rules and regulations to obtain a notary public license differ from one state to another. Typically, the term of a notary public commission is 4 years and most states send a renewal notice between 3 to 6 months before expiration. To renew your notary license, fill out the renewal form. You will find the renewal process simpler than applying for a new notary license. Usually, all the required paper work comes in the mail, but you can also download it if required from the website of secreta read more

The utility sector is one of the most booming industries in today's economy. The demand for utility providers will never diminish. To make sure that the market continues to flourish, the utility companies must ensure that they get complete payment for the service they have provided. Continue reading Utility Deposit Bonds read more

Surety bonds play an important role in today’s unstable and unsure economic climate. Today, people are more careful and want to compile all their requirements legally. The main aim of surety bonds is to provide guaranteed performance on the contract. There are different kinds of surety bonds for different purposes. The surety bond determines the roles and responsibilities of different people engaged in different projects. Continue reading Infographic : Surety Bond Roles and Responsibilities read more

A bond is a legal tool that binds three parties: • Principal – the person or the party seeking the bond • Obligee – person requesting the bond from the principal • Surety – a company that guarantees the bond Continue reading Commercial surety bond and their types read more