If you need to protect your business, there are many choices for you. A surety bond can help protect you and your clients. There are different types of surety bonds. You need to find the one that will meet your needs.
Surety Bond in Criminal Cases
A bail bond is used to release a person from custody. When a person is in jail, they have the opportunity to post bail. A judge will set the bail price at a bond hearing. If the person cannot afford the bail, they will remain in jail. The defendant must make an appearance at a specific court date. A surety bond can be used in a criminal case.
Surety Bonds Can Protect You
Surety bonds help protect both businesses and people. A surety bond guarantees that a financial obligation will be met. These bonds have three parties that enter into an agreement. The principal, the obligee, and the surety are all parties into this bond. The principal takes out this bond to guarantee the obligee will meet their obligations. The surety bond will provide compensation if the obligee fails to meet their financial responsibilities. Every surety bond includes an indemnity agreement. All surety bonds put the main risk on the principal holder.
There Are Different Surety Bonds
There are four different surety bonds. A court security bond protects someone from a court loss. Any plaintiff with a fiduciary duty must carry this bond. A commercial bond is generally used for companies with a license. This bond guarantees that the company will comply with all codes and requirements. A contract bond is used by federal subcontractors, construction companies, and general contractors. The bond guarantees that the construction work will meet all required contract agreements. Fidelity bonds protect a company and their clients from employee theft. This is also known as an employee dishonesty bond. Any company that handles money will use this type of bond.
A employee dishonesty bond company can help you. You can find a surety bond that will protect you and your clients.