What are surety bonds? How do they work? Why are there so many different types? Jurisco is a nationwide surety bond company so our lawyer-trained staff has heard every question you can think of - plus several more. Today we’re going to talk about surety bonds in general. We’ll aim to give you the best overview we can in less than five minutes.
If you have questions about other types of surety bonds please send us a message. Or if you want to skip the questions and contact a surety bond expert to start the surety bond application process, we invite that, as well.
Perhaps one of the best ways to explain surety bonds is thinking of it as a sort of insurance policy. Should anything go awry in a legal case or proceeding, a surety bond is the net that catches the downfall, insuring plaintiffs and defendants do not lose money, property, and the like without any recourse. When clients come to Jurisco they can be looking for a wide range of surety bonds to protect themselves and their clients.
In the general populace, people often think of bail bonds or construction bonds when they think of surety bonds, but that isn’t completely correct. When it comes to the judicial realm, lawyers, defendants, and plaintiffs use surety bonds to protect themselves during court proceedings and in the event that the outcome doesn’t come out in their favor.
There are different types of surety bonds that a plaintiff or defendant may require. A defendant, for instance, will require an appeal bond in order to stay a judgement while the appeal process takes course. On the other hand, a plaintiff would need a replevin bond to show the court good faith that they have the right to place a lien on property before the court makes its final judgment.
In short, all surety bonds show the court that whatever action that is requested or already being taken will be reversed in due order should the court rule against the move. This protects both parties involved and guarantees there will be no financial loss on other side.
Some surety bonds are required before an action can be taken while others become necessary during the trial or after a judgment has been reached. Talking to one of our surety bond experts is the first step in understanding what may or may not be necessary in any given circumstance.
It is best to be prepared for whatever comes up. For example, if the defendant doesn’t even have an appeal on his or her radar they could come into trouble at the end of the case. They could be forced to pay up or give up property without little recourse and hope that if they win the chance at an appeal they will be able to reclaim their property back in the same condition.
Rule of the surety game: be prepared. Have the bond that your client needs for their case in all scenarios. The surety bond will protect the firm, the client, and the process, allowing things to operate smoothly without any unnecessary hindrance. If you have any questions, please don't hesitate to contact the surety bond experts at Jurisco.
When it comes to surety bonds, we still have a lot to say. Do you have questions about a specific surety bond? Would you like help lowering your surety bond rate? Do you need to start a surety bond application? Jurisco is always here to help. Contact Jurisco today.