Day: September 13, 2018

An Overview of Surety Bonds and How You Benefit from Having One

A surety bond is often a misunderstood legally binding contract. Your purpose for contacting surety bond companies Minneapolis MN to get one depends on your professional or personal reasons for needing one. They are part credit and part insurance with guarantees of fulfilling obligations when needed.

A Sure Definition Everyone Understands

Essentially, a surety bond is an insurance policy that is required by an obligee, which is the party requiring the bond. Usually, the obligee is a government agency requiring the bond to protect the government and citizens. If obligations are not met, the agency can file a claim

The person obtaining the bond is called the principal who is required to abide by the terms of the bond. Not doing so is what can lead to a claim.

How to Obtain a Surety Bond

The first step in obtaining a surety bond is determining which one you need. Thousands of bond requirements exist. Purchasing the wrong one will lead to it being rejected by the obligee.

For example, a specific contract, such as jobs over $100,000, requires a contractor bond. A surety bond that is not for a specific contract falls under one of several categories:

  • Court bond – required by a court
  • Fidelity bond – insurance for your business
  • License/Misc. bond – required, but not for a specific contract

Benefits to Having a Surety Bond

Surety bond companies Minneapolis MN making a guarantee on your behalf is usually a better option. You do not have to part with liquid cash to get what you need done.

Credit can be extended through the surety with only your signature as collateral. Going to the bank for the same amount of credit means your house is used as collateral.

Unless you want to become a bond expert, it might be difficult to know what your surety bond guarantees. The good news is you do not have to be an expert. An agent at the surety bond company you choose can explain the specifics.

Since there are thousands of different bond requirements, it is not reasonable to expect them to memorize each one. However, as a service to you, they will research and give you a firm solution.

Civil Law in Florida

In 2016, more than 171,000 Florida residents filed legal petitions with the state’s Circuit Civil Division. If you or a loved one has been injured or has suffered significant property damage through the careless actions of a third party, a personal injury law firm Hillsborough County may be able to help you protect your rights in the civil courts and get the compensation you deserve.

What Is a Civil Action?

Civil law is a body of laws that offers legal remedies for disputes between private individuals. Often such disputes arise over claims that one party was derelict or negligent in the duty of care he or she owed to the other party. A civil action is not a criminal prosecution.

Florida has adopted a pure comparative fault standard, which means that if the negligence of two parties caused injuries or property damage, liability is apportioned between those two parties. This is true even when one of the two parties is the plaintiff bringing the civil action. If your own reckless behavior was responsible for 60 percent of an accident, you may still be able to recover 40 percent of your damages from the other party, but you will not be able to recover more than 40 percent.

What Types of Civil Actions May Be Brought in Florida?

Florida’s Circuit Civil Division handles the following types of cases:

• Professional malpractice and product liability: Malpractice occurs when the incompetence of a professional causes injury to a client.

• Motor vehicle accidents and other types of negligence. This category also includes environmental torts in which plaintiffs allege injuries precipitated by air pollution or water contamination.

• Contracts and indebtedness. One party’s failure to carry out the terms of a contract is referred to as a “breach.”

• Other business disputes: Business disputes that do not arise from contract breaches per se include disputes over intellectual property, antitrust actions and disagreements over indemnification.

• Other: This category is small and exists as a catchall for civil torts that don’t fit neatly into the preceding four categories. A dispute over eminent domain, for example, might be classified within this category.…