A corporate surety bond can satisfy many requirements. From court cases to state mandates for businesses, a surety bond covers many bases.
The name alone may cause many to think that a corporate surety bond is merely a business issue, but the matter appears in criminal court, as well.
Overcoming Difficulties Of Posting A Surety Bond
Jurisco can help you understand which corporate surety bond requirements you face and how best to approach the situation.
One high profile court case that is mentioning surety bonds a lot is the case involving misconduct on officials overseeing FIFA, the world’s soccer governing body. Marin, who is among 41 defendants in the U.S. case of financial mishandling, is still dealing with troubles of meeting all his bond requirements.
Marin’s attorneys have had to seek extensions several times to meet requirements for $2 million corporate surety bond. They are unable to meet the deadline.
A surety bond can be difficult to obtain in cases such as Marin’s. Moving assets from Brazil to the U.S. to cover the corporate surety bond cost takes time. Country to country is just one reason why funds are hard to secure.
Companies dealing with bankruptcy and defaulting on loans may struggle to secure the right corporate bond because of bad credit. However, Jurisco assists all clients on securing the best surety bond for their case quickly and without trouble.
States Require Corporate Surety Bond
States can require a surety bond to meet licensing requirements for them to operate within their state and also for environmental measures.
As more industries are being required to clean up their act they are having to pay out more and more for cleanup. When that cleanup is required legislatively then it’s imperative that it happens as often as it’s supposed to. A surety bond can assure that happens.
The case for the coal company Bowie, for instance, is an interesting one because of their corporate surety bond needs. They are dealing with mines in several states including New Mexico. Because the state requires cleanup of mining areas the coal business may need to post a $360 million surety bond. Those parties are still working out details.
Contact Jurisco now if you have any questions about a corporate surety bond and why you may be required to secure one during a trial or before operating as a business.