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10 Cards in this Set
- Front
- Back
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What are bonds? |
Form of insurance and or financial responsibility |
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How many parties are in bonds? |
Three |
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Principal |
Purchase the bonds *defendant* |
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Obligee |
Received the Bond *courts* |
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Surety |
Sales the Bond *bondsman* |
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What does the surety bonds do? |
Guarantees that the principle will fulfill any terms |
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Fidelity bondS(honesty bonds) |
Protect the employer for losses caused by an employee ensures nothing will happen |
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Bid bonds |
A promise |
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License BonD |
Protect consumers, buy guarantee business in here to laws & regulations (funeral homes) |
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Can bonds be canceled |
Cannot be canceled or reduced after they are issued |
