Sunday, 18 Aug 2019

Smartest Choices from the  Bailing Options

It is a contract by virtue of which a bail bonds institution undertakes to guarantee the fulfillment of obligations with economic content, contracted by a natural or moral person before another private or public natural or moral person, in the event that it does not comply. The fort worth bondsman is the best choice there.

The characteristics of the deposit are:

  • It is granted to a burdensome title (collection of premiums for the service)
  • The guarantor is a legal person duly authorized
  • The obligation is guaranteed through a policy

Elements involved in hiring a bond

  • Policy beneficiary: natural or legal person to whom the policy is granted
  • Assured: natural or legal person in whose name the policy is issued
  • Obligado solidario: it is the natural or moral person that undertakes collaterally with its assets to fulfill the obligation contracted by the trust before the bondholder in case the trust does not comply.
  • Intermediary: is the natural or legal person that puts the bonding company in contact with a commercial legal relationship
  • Surety: is the legal entity legally authorized to grant bonds.

Difference between Insurance and Deposit

  • Insurance is a main contract, while the bond is an accessory guarantee contract.
  • The insurer’s benefits consist of taking risks. In turn, the guarantee or payment of an obligation to give or not to do is guaranteed on the deposit.
  • The collection of premiums in the bonds is established as a percentage of the amount secured and in insurance the possibility of losses and accumulated experience is taken into account.
  • The bond, is a tripartite contract, because three personal elements, the trust, the creditor and the consolidator. On the other hand, the insurance is a bipartite contract and has only two personal elements, the insurer and the insured.
  • In the insurance contract, at the insured’s request, he can cancel it at any time. The business bond can only be canceled when the main obligation ends.
  • The contracts are insurance and bonds also differ in the updating of the protected object, since when the eventuality provided for in the contract occurs, the insurance claim occurs. In bonds, when the trust fails to comply with the guaranteed obligation, the beneficiary must submit a formal claim.

Surety

 

A securing company is a legal entity, whose specific objective is to issue policies (bond) by charging a premium, which guarantees compliance with certain obligations. Its main function is to guarantee compliance with obligations, by establishing the bond as an instrument of guarantee.

Importance of a Surety

Provide their liquidity and solvency services

  • By being obliged to fulfill the consolidated obligations, if their members do not do so, they lend their own solvency to them.
  • Aid for the economic and social development of a country. It is essential when guaranteeing infrastructure works that will contribute to social welfare.

If a person rents an apartment and during his stay in it deteriorates it considerably, the law requires that he himself be responsible for the repairs before finalizing the contract . Whether you make marks on the walls, or break down any of the appliances belonging to the owner, whenever the tenant has caused the damage you must pay the corresponding repairs with your money. If he does not do so, then the landlord is forced to stay the bond to use it for this purpose.

 

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