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Surety Bond Application

Mechanics Lien Definition  A mechanics lien definition should begin by identifying the parties involved in the lien bond, and those three parties are a contractor, a property owner, and a surety company. A contractor is the first party in this contractual agreement, and while he/she could possibly purchase a lien bond, it is more likely that the Read more…


What is a Cost Bond? They are a variety of surety bond, so to understand any cost bond definition, it is important to understand surety bonds. Surety bonds form a contract that is legally binding, involving three parties: the principal, the obligee, and the surety. The party requesting the bond is the obligee. The party obligated to buy the Read more…


Financial Guarantee Surety Bond  A financial guarantee bond is not a single specific type of bond, but is instead a term which is applied to many different kinds of bonds that are used to guarantee the payment of financial obligations which a bonded party has to another party. That other party is known as the obligee, and Read more…


Commercial Bonds Commercial bonds are sometimes also known as a license bond or a license and permit bond, and is generally required by government agencies, whether federal, state, or local. Commercial bonds are generally necessary before a contractor can be licensed to do work in a given geographic location, and since it is an annual bond, it Read more…


In order to legally travel on Texas roads, those vehicles which exceed the legal size and weight limits established by the state, must obtain a permit for oversized/overweight loads from the Texas Department of Motor Vehicles. In some cases, a surety bond must also be purchased and filed with the Texas DMV, so that any damages done Read more…


Meaning of Indemnity Bond The word indemnity itself refers to the process of protecting a party against financial loss which might occur as a result of actions by some other party. In a legal context, indemnity can be enforced in a contract between parties, wherein one party agrees to perform some action, and by defaulting on that Read more…


401K Bond What is a fidelity bond for a 401K? If you’ve never heard of the term before, a 401K bond is the same thing as an ERISA bond, and both terms refer to a kind of insurance protection against any kind of mishandling or fraud perpetrated by individuals in charge of handling 401K accounts. If funds Read more…


Advance Payment Bond An advanced payment guarantee is also known as and cash guarantee and is used when a commercial contract is issued to guarantee that payment gets made to the company that is doing the work. An advance payment guarantee also makes the promise that the payment will be returned to the buyer if the seller Read more…


How to get Licensed and Bonded What Does it Mean to Get Licensed and Bonded? Getting licensed means that an individual or their business has passed the minimum requirements in their field to obtain a license from the state in which they do business. The bonding part means that the business may have something called a surety bond which will Read more…


Becoming an Insurance Adjuster If you’ve ever wondered what an insurance adjuster is, or how to become an insurance adjuster, this article will provide all the information you need to get started. An insurance claims adjuster is a person who either works directly for an insurance company as a member of its staff, or who is an Read more…

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