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Illinois Bond-ADDitional-Surety

Category:
Local County - Cook - Probate
State:
Illinois
Control #:
IL-CCP-0339
Format:
PDF
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Description

Bond-ADDitional-Surety

Illinois Bond-ADDitional-Surety (also known as an Illinois Surety Bond) is a type of surety bond required by the State of Illinois to guarantee the performance of a contract between two parties. The bond is a three-party agreement between the principal (the party performing the agreement), the obliged (the party receiving the performance) and the surety (the party guaranteeing the performance). The surety bond provides a financial guarantee that the principal will fulfill the contractual obligations of the agreement. In the event of a breach of contract, the obliged may make a claim against the bond for damages. The most common type of Illinois Bond-ADDitional-Surety is a Contractor Surety Bond, which is required by the Illinois Department of Financial and Professional Regulation for any contractor performing work in the state. Other types of Illinois Bond-ADDitional-Surety include License and Permit Surety Bonds, which are required by numerous state agencies, and Public Official Surety Bonds, which are required for public officials in certain positions.

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FAQ

There are many types of surety bonds, and each state has its own bonding requirements for different industries. However, there are three major types of surety bonds that you should know: license and permit bonds, construction and performance bonds, and court bonds.

Illinois law requires Notaries to purchase and maintain a surety bond for the duration of their 4-year commission.

When a principal requires a bond, they typically obtain it from an insurance company referred to as the surety. The surety extends a bond offer to the principal in exchange for monthly premiums. When an obligee claims a bond, the surety will honor the claim and later seek compensation from the involved principal.

A number of these factors fall under what the Surety industry calls ?The Three C's?; Character, Capacity, and Capital. All three of these are important to the underwriting process. The principal needs to exhibit the Character, Capacity, and Capital to qualify for surety credit.

Examples of Surety Bonds Includes bid or proposal bonds, performance bonds, payment or labor and material bonds, maintenance bonds and supply bonds. These bonds are required by state or federal law for most public construction projects or by a private developer.

Illinois title bond amounts must be 1.5 times the vehicle's appraised value. The Secretary of State will provide the exact bond amount required.

The three most common types of contract surety bonds are bid bonds, performance bonds, and payment bonds.

However, to understand surety bonds, it may be helpful to break them down into four categories: contract bonds, judicial bonds, probate court bonds, and commercial bonds. In addition to these four categories, it's important to understand the basics of what surety bonds are, as well as how to obtain them.

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