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A performance bond, also known as a contract bond, is a surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor. The term is also used to denote a collateral deposit of good faith money , intended to secure a futures contract , commonly known as margin .
The State of Connecticut has a detailed licensing process which requires any person who wants to engage in the business as a bail enforcement agent (bounty hunter) to first obtain a professional license from the Commissioner of Public Safety; specifically detailing that "No person shall, as surety on a bond in a criminal proceeding or as an ...
A bond agent may employ a bounty hunter for that purpose. "Only the Philippines has a surety bail system similar in structure and function [as the US]." [1]: 193 In the past, courts in Australia, India and South Africa had disciplined lawyers for professional misconduct for setting up commercial bail arrangements. [2]
Whether or not general liability insurance covers construction defects or "faulty workmanship" is a matter of some debate, as some insurers have viewed poor workmanship as a risk that is covered by a surety bond rather than an insurance policy given that a construction professional may have some influence (through attention to detail, skill, and effort) over whether such a defect occurs.
A surety bond is defined as a contract among at least three parties: [1] the obligee: the party who is the recipient of an obligation; the principal: the primary party who will perform the contractual obligation; the surety: who assures the obligee that the principal can perform the task; European surety bonds can be issued by banks and surety ...
Rating Action: Moody's assigns Aa3 to UConn GO bonds supported by State of Connecticut; outlook stableGlobal Credit Research - 11 Mar 2022New York, March 11, 2022 -- Moody's Investors Service has ...
The Travelers Companies, Inc., commonly known as Travelers, is an American insurance company. It is the second-largest writer of U.S. commercial property casualty insurance, and the sixth-largest writer of U.S. personal insurance through independent agents.
A payment bond is a surety bond posted by a contractor to guarantee that its subcontractors and material suppliers on the project will be paid. [1] They are required in contracts over $35,000 with the Federal Government and must be 100% of the contract value. [2] They are often required in conjunction with performance bonds.
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