A bond is a guarantee whose objective is to guarantee the fulfillment of a contract, which can be a work, order or purchase order. By means of a bond, the beneficiary is assured that in the event that the bond fails to comply with the agreement, there will be a joint obligor who will respond to repair the damage caused.
In order for a bond to be issued, it is necessary that a contract exists in which they are applying for it. The guarantor must present the documentation and guarantees requested by the surety company, through its intermediaries, with this the process can be initiated.
How a Bail Bond in Dallas Functions
When requesting a deposit, the beneficiary can be certain that what is established in the contract will be carried out, otherwise, the company that issues the policy will be in charge of repairing the damage through the guarantees that the guarantee presented at the beginning of the contract. Procedure.
The bonds provide legal and legal certainty, formalizing the signing of contracts and ensuring the proper provision of a service.
There are different types of bonds, each specializing in securing certain types of contracts, the main ones are:
Administrative Bonds (advance, bankruptcy, good quality, and hidden defects): They guarantee the fulfillment of the obligations derived from a contract, purchase order, order or lease.
Loyalty Bonds: Protect the assets of the companies, guaranteeing the repair of the damage that an employee or service provider may cause when committing a patrimonial crime such as theft, fraud or abuse of trust, against the assets of the company.
Judicial Bonds: They ensure compliance with the obligations resulting from a judicial process, which can be criminal or non-criminal.
Credit Bonds: Guarantee the payment of credit obligations authorized by law.
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