Stress is the one part of the surety process that doesn’t have to be there. Obtaining a surety bond can be confusing, but by understanding what goes into the process can help clear up a few of the uncertainties that lead to stressful situations.
Here are a few ways you can reduce the amount of stress that goes into obtaining surety bonds.
Understand the Type of Bond You Need
There are more than a dozen major categories of surety bonds. Within those categories are even more types of bonds, each with their own fine details, purpose and specific requirements. A supersedeas bond, for example, is just one of many appeals bonds. There are also plumber’s bonds, electrician’s bonds, auto dealer bonds and many other types of bonds that all fall under the category of “License bonds.” Finding out which type of surety bond you need, and the specific underwriting requirements, etc. will go along way in saving you a lot of headaches and stress throughout the process.
Read more about finding the right surety bond here.
Understand Bond Timeframes
In some court cases, there are specific deadlines that must be met. These deadlines are often dictated by the court and cause a lot of stress for attorneys and their clients. It is essential to understand how long it takes to obtain a bond and how long you have to bring it to the court to avoid having a case, appeal or injunction derailed.
There is a specific process that everyone must go through to obtain a bond that usually involves an application, underwriting and approval steps. It’s important to understand how long each step takes so that you can be sure you are able to obtain your bond before you miss any deadlines set by the court.
Understand the Cost of the Bond
Many factors go into determining the cost of a particular bond. These can often range from:
- The value of items/assets that the bond covers
- The courts (who can often dictate bond amounts)
- The specific details of your case
- The type of business you are in
The list can go on, and many people stress over whether or not they are getting a bond that 1) is set for the right amount and 2) isn’t going to cost them a lot to obtain. Working with a reliable surety agent will help you understand bond amounts and costs, eliminating the guesswork on your part.
If you work with someone who has experience in your bond area, and the right connections to major sureties, they can even help you keep your costs low. At The Patrick J. Thomas Agency, we have spent the last several decades building up relationship within our industry. We have the connections and experience necessary to get you the right bond at the right price, all within your specific timeframe. Contact us today to get started.
Disclaimer: this is for informational purposes only and is not intended to be legal advice. If you need legal counsel, please contact an attorney.