It is increasingly common to hear that a bond is requested to be able to close a contract, or as a requirement of a tender and even to lease a real estate; but what is a bond? The bond is a guarantee that ensures the fulfillment of an obligation of either a natural or legal person of various kinds with a creditor (usually for payment).
When a customer, supplier or entity, requests a bond, it is practically to be certain that the contract will be 100% fulfilled, if for some reason it is not fulfilled what was agreed in the contract. With the fort worth bail bonds the deals can be perfected.
What are the most common bonds?
These types of bonds are focused on guaranteeing the protection of the assets of legal entities. They protect against any fraud or abuse of trust committed by employees, workers, vendors and commission agents against the assets of the company and that have been entrusted to them.
They guarantee the fulfillment of obligations between two parties, this is the most requested type of bond. The most frequent administrative bonds are:
Contest or tender
This type of bond guarantees that the supplier respects the quoted price and that it complies 100% with the conditions of the contract, in case of breach of the contract, the guarantor must pay the amount established in the contract.
This type of bond is used when there is a purchase contract for raw material, equipment, etc .; or the construction of a work; guarantees the proper investment and amortization of the advance payment that the contractor or supplier receives.
It guarantees the precise fulfillment of the obligations agreed in a contract.
Of good quality
It guarantees the good quality in the execution of the contracted works or in the supply of materials or equipment. In case of defects (hidden defects), the guarantor undertakes to repair them or pay compensation for the damages caused.
This type of bond has become a very popular requirement in the lease of real estate. It guarantees the fulfillment of the monthly rent payment due to the lease of real estate or personal property.
Mortgage bond: It is the bond that is offered by offering in guarantee of payment some property whose value discounted the liens is sufficient to cover the amount of the bond. In this case, if the imputed person, or anyone else who wishes to help her, owns one or more properties whose value is greater than the amount of the deposit, she can offer it as a guarantee of the payment of this. This requires, as noted, that the properties be free of encumbrances that may affect the collection of the bail by the State.
Bail Another area in which the term bond is used is that of real estate income, where it is also known by the name of down payment . In this case, it is an amount of money stipulated by the homeowner or indicated by the real estate agency that is in charge of the operation, which must be paid by the tenant at the time of signing the contract to cover potential damage to the property or the breach of any payment.