It doesn’t pay to ignore surety bond requirements. Whether they are laid out by the state of New Jersey or its judicial system, surety bond mandates are taken very seriously. When you need a New Jersey injunction bond it is vital that you meet the requirements fully and that you meet them quickly. Luckily, Jurisco is here to help you with both of those needs.
A New Jersey injunction bond is necessary because it satisfies the court requirement before a plaintiff’s appeal for an injunction can be accepted. As you may imagine, an injunction can be a costly experience for the defendant. Should the plaintiff be seeking for the defendant to end selling a product, for example, that defendant could be faced with losses in the thousands or millions. That’s why courts take the appeal for an injunction very seriously.
Courts require for a New Jersey injunction bond to cover the value of the injunction along with any other mandated fees or court costs. This offers the defendant a recourse should the action later be deemed wrongful.
There are situations where a New Jersey injunction bond requirement can be waived. A defendant could agree to the plaintiff’s appeal. Or the judge in the case could waive the requirement without any input from the defendant. In the majority of injunction actions, though, the requirement will be upheld by both the court and defendant.
The cost of a New Jersey injunction bond is low when you work with a reputable surety bond company. The cost of any surety bond is 2% of the total value of the bond - this covers fees, too. That means the cost is extremely low compared to the protection it offers.
Other factors can play a role in surety bond rates, as well. Bad credit scores can make some surety bond rates go higher. That’s why we recommend working with a nationwide surety bond provider like Jurisco so those outside factors are minimized and low surety bond rates are still possible.
Having the benefit of working with surety bond experts means clients don’t have to deal with long delays. The New Jersey surety bond experts at Jurisco are ready to offer same-day service for all types of surety bonds. Secure a New Jersey injunction bond fast, today. Contact Jurisco with any questions you may have about New Jersey surety bonds.