What is better than a vacation? How about a paid vacation? Well, what about an extended paid vacation where you retain job security while you are far afield? This is called a sabbatical and they are offered by many companies and institutions as an incentive to retain employees. They are prevalent for educational and non profit institutions where such benefits help compensate for salaries that are below private sector. Forbes.com has a great article on sabbaticals: http://www.forbes.com/2010/08/24/sabbatical-leave-work-leadership-careers-advice.html. But though many may be familiar with Sabbaticals, less know that within the California education system to qualify for a sabbatical the applicant must post a Sabbatical Leave Bond. (As mandated by California Educational Code Section 44969).
The bond in this case works as a Salary Bond and is a guarantee to the the employer that the employee requesting leave will return to work and fulfill their work obligation . . . generally 1-2 years. With the Bond reimbursing the institution for salary paid out during leave if the employee does not meet their work agreement after returning from leave. Unlike most surety bonds, the Sabbatical leave bond is not filed with the court or the secretary of state, rather this bond is filed with the institution that is granting the leave. (And the office responsible for granting leave differs from school to school) The bond amount for a Sabbatical Leave bond is generally for the salary for the employee will receive for the duration of their leave.
Applicants will need to provide several pieces of information to the surety agency issuing the bond. For rates, more information and an application please contact the Surety Bond Experts at Jurisco and one of their staff will answer all your queries.