In what situations should bail be contracted?
The reason for hiring a bond arises from various needs, the most common are: judicial and economic protection, ensure the fulfillment of a contract, expand and ensure confidence in the workforce, among others. Hiring a bond generates a payment, which is minimal compared to the security and certainty that it offers if the conditions are adverse for the achievement of compliance with obligations (giving, doing or not doing), that is why that in some cases its use is part of a culture of precaution and prevention.
Call your Warren Agent who will gladly explain you step by step.
What is a bond?
It is a contract acquired by two parties, where a Bonding Institution undertakes to fulfill a different type of obligation with a creditor.
It is a contract acquired by two parties by means of which a Bonding Institution duly authorized by the Ministry of Finance and Public Credit (guarantor), undertakes to fulfill an obligation of various kinds with a creditor (beneficiary).
In case the debtor (guarantor) does not do so, the guarantee is obtained by collecting a premium that the latter must pay and that must be guaranteed.
The bond can be contracted by a physical or moral person.
Contract of bond made in writing between the surety and the surety in favor of a third person, which explains the characteristics, forms of coverage and the corresponding annexes.
What does the term premium refer to?
The amount of money that must be paid for the issuance of a bond policy.
It is the amount of money that must be paid for the issuance of a bond policy, it is integrated by the risk premium, administrative expenses, value added tax and a profit margin for the company. The price of a bond is based on the amount of the guaranteed obligation and the type of contract that is made between the guarantor and guarantor.
The direct premium refers to the income from the sale of bonds made by the bonding entity, after reducing the cancellations and the corresponding reimbursements by contract. The sale made directly by the bonding companies and that made by the bond brokers will be considered.
What do I sign a bond for?
To protect me against economic risk.
Acquiring a bond is synonymous with certainty and caution, faculties difficult to acquire in the current times, this is where the usefulness and importance of the bond lies; the fact of acquiring it provides protection against an economic risk and obviously the assurance that the obligations are fulfilled, even though the debtor can not do so.
What is the procedure to hire a bond?
The hiring procedures depend in large part on the type of contract that you want to carry out, the institution that is hired, the characteristics of the person who wishes to acquire it, the agreements that are made within the policy, as well as the context economic growth under which the sector develops. That is why you must specify correctly what and how to carry out such a contract by ensuring that it is clear and disaggregated.
Due to the diversity of the contracts, it is recommended that you go with your Agent, who will give you the appropriate guidance.
What is the claim for a bond?
In demanding the payment that the Surety undertook to settle within the policy.
The bail claim is to demand the payment that the surety committed to solving within the policy, for it is necessary: that the bond does not comply with the stipulated obligation, the claim is made in writing and will be on the part of the beneficiary in a time not greater than that stipulated in the policy, the required information and documentation must be presented and, likewise, the premium payments must be current. It is worth mentioning that the surety will evaluate if the claim will be paid totally or partially.