Entries from May 2013

Bond Applications

by Joshua Malone

We often receive a lot of questions from applicants when they fill out an application for a bond. Applications differ from surety to surety, and some applications correspond to specific types of bonds. However, all applications ask for the following basic information: Full Name Address Social Security Number Current Employment Type of Bond and Amount […]

Commercial Surety and Contract Surety

by Joshua Malone

Surety consists of two main divisions – commercial surety and contract surety. These two divisions differ from each other in several ways. Contract surety involves bonds for private and public enterprises pursuing the fulfillment of a contract. These bonds act as a secondary contract to an original contract between two entities. In the simplest terms, […]

License and Permit Bonds – Process Server

by Joshua Malone

Governmental entities throughout the country require license and permit bonds for certain professions and commercial activities. Generally, these bonds ensure an applicant will perform the activity or work in accordance with the laws, rules, and regulations required by the governmental entity. Thus, underwriters who issue these bonds must become familiar with those laws, rules, and […]

Discharge of Mechanic’s Lien Bond

by Joshua Malone

What is a discharge of mechanic’s lien bond? Simply put, it is a bond to validate the delay of payment for work performed on a piece of property. Contractors, subcontractors, and suppliers file liens against property they have worked on if they have not received due payment. The contractor files the lien with the county […]

Happy Memorial Day

by Joshua Malone

Everyone here at Offenhartz & Pedersen, LTD. would like to wish you a happy Memorial Day weekend. This weekend, our hearts and minds will be with those who have served, fought, and died for our country’s freedoms. In addition, we would like to¬† honor all those courageous men and women in our armed forces currently […]

Supply Bonds

by Joshua Malone

Supply bonds are a type of contract bond. These bonds require a surety to guarantee a supplier will provide the proper materials needed as according to a contract. The entity requiring the materials is often a government or public body, but sometimes the entity is a private company or individual. When a public body requests […]

Financial Statements

by Joshua Malone

For litigation bonds, our underwriters may ask to see a principal’s financial statement as part of the application process. This is especially true if the principal is a business, organization, or corporation. Acceptable financial statements prepared by a Certified Public Accountant (CPA) include the following elements: a balance sheet, income statement, statement of retained earnings, […]

Injunction Bonds

by Joshua Malone

Injunction bonds are necessary for some litigation proceedings. Simply put, an injunction is an order from a court requiring a party to do, or not do, a particular activity. The injunction bond protects the restrained party from damages in the event the court later determines the injunction was improper. Injunction bonds often arise in intellectual […]

Guardian Bonds – Part Two

by Joshua Malone

This is another installment concerning the topic of bonds for guardians. In this installment, we will discuss how guardian bonds sometimes are “increased” or “decreased.” To review the first blog post, click here. Throughout the course of a long term guardianship, the guardian may come into control of additional liquid assets. This could occur in […]

Guardian Bonds – Part One

by Joshua Malone

The topic of guardianships is quite dense. Therefore, this will begin a series of posts concerning guardian bonds. This first post is a brief overview of what a guardianship is and why a bond might be required. Guardian bonds are required in Surrogates’ Courts for the benefit of an incapacitated person or a minor. The […]