Bond On Demand In Virginia
Instant download
Description
A Bond is a document with which one party promises to pay another within a specified amount of time. The term "demand" means that the principal plus any interest is due on demand by the bondholder rather than on a specific date. Bonds are used for many things, including borrowing money or guaranteeing payment of money. A bond can be given to secure performance of particular obligations, including the payment of money, or for purposes of indemnification. The validity of a "private" bond, payable upon demand, is determined by the same principles applicable to contracts generally. The purpose of the bond must not be contrary to public policy; it must be supported by a valuable consideration; and there must be a clear designation of the obligor and the obligee. A bond procured through fraud or duress may be unenforceable, but mistake on the part of the obligor as to the contents of a bond, or its legal effect, is not a defense to enforcement of the bond.
Form popularity
More info
Generally, all motor carriers and brokers are required to keep proof of insurance on file with DMV's Motor Carrier Services. Completing our application allows the underwriters at BondAbility to provide you with a specific quote for the exact bond you need.Summary of Virginia bond claim and notice laws and requirements for private Virginia projects including free forms, FAQs, resources and more. The bond shall be submitted in the form of cash, check, certificate of deposit, insurance surety bond, or irrevocable letter of credit. Apply online in minutes or call one of our probate bond experts at Follow this guide to learn how to understand and fill out a surety bond form before submitting it to your obligee.
