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Depending on the industry and the purpose, there are dozens of different types of surety bonds that can be taken out. A few of the more common Bartow County GA surety bonds are contract, bid, license, fidelity and bail.
A surety bond for any reason is an instrument that provides a financial guarantee that the surety will pay damages to the obligee in the event the principal fails to perform per the agreement and specified in the bond. In most financial transactions the obligee and the principal do not know one another; hence there is no historic track record of performance. As there is no way of knowing if the principal will remain solvent during the term of the contract or whether the contract will even be fulfilled in accordance with the terms. In the event of these occurrences, the surety bond steps in, pays the obligee so that the contract can be completed. The surety bond is offered by insurance companies and private bonding companies who can confirm the financial solvency of the principal.
A very well know form of surety bond is a bail bond. Bail bonds are posted so that the accused in a crime that has been released on bail will report to court as demanded. If the individual does not show up the bond is relinquished, if the person does show up the bond is refunded.
Bartow County GA surety bonds are found often in corporate dealings. Contract bonds are often taken out for construction projects. The bond binds the contractor to the terms and conditions of the contract that has been entered into with the owner. Although it technically is a contract bond because a contract has been entered into by two parties, it normally is seen as a performance bond.
There are many forms of business that must be bonded prior to getting a license to operate. An example would be a detective agency. Companies that are bonded use this fact to attract customers as it is proof that they have been checked and found to be credible.
Fidelity bonds are often taken out by a company. A fidelity bond provides protection for the company in the event an employee caused financial damage either through negligence or fraud.
Bartow County GA surety bonds are available for a host of contingencies. Bonds from administrator to yacht salesman and everything in between are available from. Visit the website
