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Surety bonds are instruments that create a legal obligation for one party to pay another. An indemnity bond is a specific type of surety bond that's often used in situations where someone is ...
An employment bond is a contract requiring that an employee continue to work for their employer for a specified period, under penalty of a monetary forfeiture to the employer. [1] Such contracts and associated surety bonds are similar to indentured servitude or serfdom , in that although employees are compensated, they are not permitted to ...
An indemnity is distinct from a warranty in that: [8] An indemnity guarantees compensation equal to the amount of loss subject to the indemnity, while a warranty only guarantees compensation for the reduction in value of the acquired asset due to the warranted fact being untrue (and the beneficiary must prove such diminution in value).
While called bonds, these obligations to protect an employer from employee-dishonesty losses are really insurance policies. These insurance policies protect from losses of company monies, securities , and other property from employees who have a manifest intent to i) cause the company to sustain a loss and ii) obtain an improper financial ...
Severance packages are often negotiable, and employees can hire a lawyer to review the package (typically for a fee), and potentially negotiate. However, employees are never entitled to any severance package upon termination or lay-offs. [3] Severance packages vary by country depending on government regulation.
Employee benefits and benefits in kind (especially in British English), also called fringe benefits, perquisites, or perks, include various types of non-wage compensation provided to an employee by an employer in addition to their normal wage or salary. [1]
A bond, or financial guarantee, protects the contractual obligations between businesses and a customer, supplier or partner. It is a contractual triangle relationship between the business, the surety bond company or guarantor, and the third-party requiring the bond. The surety bond company or guarantor financially guarantees the third party ...
Fidelity bond is a form of casualty insurance that covers policyholders for losses incurred as a result of fraudulent acts by specified individuals. It usually insures a business for losses caused by the dishonest acts of its employees. Hurricane Katrina caused over $80 billion of storm and flood damage.