Many people do not realize that a bail bond is a type of surety bond. A bail bondsman is guaranteeing to the court that the accused will in fact appear at the court hearing or they will pay the court a fine. This is just like any type of surety bond. A surety bond is a type of legal instrument that is provided by a third party that states one party will perform a duty for another party. Simply put, a surety bond is an insurance policy that guarantees some type of performance. A contractor will become bonded so they can provide their customers with the extra comfort that should any problem arise within the contract the consumer will be reimbursed by the bonding agency.
Different Types of Surety Bonds That You May Not Be Aware Of
November 30th, 2009 | Business