GLOSSARY OF SURETY BOND TERMS
SURETY BOND: An agreement providing for monetary compensation should there be a failure to perform specified acts within a stated period.ACCOUNTING METHODS: For construction or building contractors, the two methods of accounting, both realistic and preferred by surety companies, are (a) the Completed Contract method, and [...]
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Contract/construction surety – These include performance or payment bonds, which are required of contractors performing any project funded by federal, state or municipal entities.
Commercial surety – Examples of [...]
What is a Process Server?
Simply put, a process server is an individual who personally delivers a legal notice (or process) or other court documents to a party in a lawsuit (i.e. defendant). The process server is not a party to the suit.
What is a Process Server Bond?
A process server bond is normally [...]
The main type of bonds on the market today are known as surety bonds. These bonds are required by anyone who administers public or private funds, or for individuals or businesses that require licenses or permits in order to operate in their trade, profession, or business. This includes a long list of licensed trades people, [...]
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