A Chicago lien bond isn’t a bond to be entered into lightly. Since this type of Chicago surety bond involves the court system, it’s important for clients to be aware of the purpose and constraints of the bond. Failure to do so could lead to extra fines and penalties, as well as a loss of standing in the court proceedings.
A lien bond is used by a plaintiff in a court case when the defendant owes the plaintiff money or restitution. Most commonly this type of Chicago surety bond is used in construction cases. When an individual remodels their home, for instance, and the contractor fails to pay the subcontractors, those subcontractors have the right to place a lien on the home they worked on. This provides an extra level of pressure on the contractor to pay the subcontractors.
For starters, if the contractor wasn’t going to be pay the subcontractors sending a note asking for the funds is a nonstarter. By having the homeowner involved in the payment dispute the contractor has to step up to the plate. Failure to do so could lead to negative business reviews and a loss in clients.
A Chicago lien bond puts a lien on property until a financial dispute is settled. Using the same scenario as above, this bond would mean the property could not be sold or even refinanced. Again, this puts pressure on the defendant to pay off the debt faster.
The defendant has the right to use a transfer of lien bond should they be involved in a real estate sale already. Or if they need more time to appeal the case. Either way a Chicago lien bond is a powerful tool.
The best way to lower the cost of a Chicago lien bond is to work with surety bond professionals. Working with a company who does not understand your surety bond needs will only cause delays and added expense.
Jurisco is a nationwide surety bond provider that can secure a Chicago lien bond in one day and at the lowest surety bond rate possible. The Chicago surety bond experts on staff can assist every client to make sure she or he is well taken care of.
Have questions about a Chicago lien bond that needs answered fast? Then Contact Jurisco today. They will work with you to make sure you receive the lowest surety bond rate possible for a Chicago lien bond regardless of the circumstances.