Learning a surety bonds definition can help clients understand their bond requirements better. A business who is mandated by a state or court to secure a surety bond wants to work with a reputable company. Jurisco makes contacting a surety bond professional easy so they can answer any questions about surety bonds definition, application, or rate.
Why A Business Would Need A Surety Bond
There are four types of surety bonds: plaintiff bonds, defendant bonds, probate and fiduciary bonds, and license and permit bonds. Typically, businesses mainly deal with license and permit bonds. They also dabble in probate and fiduciary bonds, too, such as the bid protest bond.
A business needs a surety bond to meet state compliance. A state requires a surety bond as an effort to protect consumers and residents of the state. These surety bonds may cover direct business action such as a travel agent needing a seller of travel bond. They are also used for government projects to prevent mechanic liens and other delays.
Surety Bonds Definition Across State Lines
The surety bonds definition doesn’t change state to state. However, the types of surety bonds and their specific requirements will vary across state lines. Working with a reputable nationwide surety bond company helps keep clients in compliance with their specific state.
Jurisco has a team of lawyer trained bond experts who know the surety bond requirements for every state. They help clients secure the right bond so to avoid any future legal hassle.
Surety Bonds Definition Impact On Rates
The type of surety bond is going to play a role in the rate. Since surety bonds cover different things the range of rates can change from bond to bond.
For example, the surety bonds definition for an appeal bond requires the judgment to be covered. The bond amount is based on the full amount of the court's ruling. If the defendant fails to secure the correct bond amount the court can deny the bond and require full payment of the judgment instead.
A surety bonds definition expert works with clients to deliver low surety bond rates. Jurisco works with all clients, even those with bad credit, to secure a low surety bond rate. Contact Jurisco today to get started.