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North Carolina Bond - Corporate Surety (Side One) / Bond - Personal...

Aoc E 401

Name: North Carolina Bond - Corporate Surety (Side One) / Bond - Personal Sureties (Side Two)
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.64 (373 reviews)

Category:

North Carolina Probate - Estates

State:

North Carolina

Control #:

NC-E-401

Format:

Instant download

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Description

Bond - Corporate Surety (Side One) / Bond - Personal Sureties (Side Two): This is an official form from the North Carolina Administration of the Courts (AOC), which complies with all applicable laws and statutes. USLF amends and updates the forms as is required by North Carolina statutes and law.

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FAQ

Examples of these bonds include construction and environmental performance, payment, supply, maintenance, and warranty bonds. Commercial surety helps obtain capacity at the lowest cost for all corporate surety needs.International surety examines the unique surety requirements internationally.

Corporate surety. Any domestic or foreign corporation, licensed as a surety in accordance with law and currently authorized to act as such, may provide bail by a bond subscribed jointly by the accused and an officer of the corporation duly authorized by its board of directors.

A surety bond is a three-party agreement between the principal, obligee, and surety.

A personal surety bond is what some consider to be the original type of surety bond. It is where an individual would need to make a financial guarantee to a third party and they would ask a friend or family member to post the money on their behalf sometimes for a fee or interest.

A surety bond is defined as a three-party agreement that legally binds together a principal who needs the bond, an obligee who requires the bond and a surety company that sells the bond. The bond guarantees the principal will act in accordance with certain laws.

A Corporate Surety Bond is a general term used to describe a surety bond that is issued by corporation licensed under state insurance laws that has legal power to act as a surety for others. This is in contrast to a personal surety bond.

There are two main categories of surety bond: Contract Bonds and Commercial Bonds. Contract bonds guarantee a specific contract. Examples include Performance Bonds, Bid Bonds, Supply bonds, Maintenance Bonds and Subdivision Bonds. Commercial Bonds guarantee per the terms of the bond form.

At its simplest, a surety bond requires the surety to pay a set amount of money to the obligee if a principal fails to perform a contractual obligation.The surety bond requires the principal to sign an indemnity agreement that pledges company and personal assets to reimburse the surety if a claim occurs.

A surety bond is a promise to be liable for the debt, default, or failure of another. It is a three-party contract by which one party (the surety) guarantees the performance or obligations of a second party (the principal) to a third party (the obligee).

Aoc E 401

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How to fill out North Carolina Bond - Corporate Surety (Side One) / Bond - Personal Sureties (Side Two)?

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What is an example of a surety bond?

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What is a personal surety bond?

What type of bond is a surety bond?

What is a corporate surety bond?

What are the two common types of surety bonds?

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What is the purpose of a surety bond?

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