Bond Definition For Law In Utah
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A bond's credit quality is usually determined by independent bond rating agencies, such as Moody's Investors Service, Inc., and Standard & Poor's Corporation (S&P). These agencies classify bonds into 2 basic categories—investment-grade and below-investment-grade—and provide detailed ratings within each.
There are three requirements for obtaining a Judicial Court Bond: Submit an application and signed indemnity agreement supplied by the surety broker/agent; Provide a copy of the court papers for the applicable action being filed; and. Provide collateral, usually in the form of an Irrevocable Letter of Credit.
Tax Preparer Bonds Tax preparers in California must post a $5,000 surety bond to get licensed. The bond acts as protection to clients of tax preparers, as the latter have access to sensitive information.
Bail Eligibility in Utah Any person who has been charged with a non-capital crime is entitled, in most situations, to bail. Capital crimes are those crimes punishable by death. Most states that have a bail system have their own laws that may impact eligibility.
A bond claim means the claimant is alleging you haven't fulfilled an obligation of yours that may be covered under the bond. However, genuine disputes occur in business transactions regarding the responsibilities between parties which is why surety companies investigate every claim.
For example, a client issues a contractor a performance bond. If the contractor is not able to follow the agreed specifications in constructing the building, the client is given monetary compensation for the losses and damages the contractor may have caused.
