Demand For Bonds In Virginia
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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.
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To receive a bond, your employer will need to extend a job offer and contact the Virginia Bonding Program Office using the Bond Request Form below. You must complete the request for return of bond form (PDF).A) Cash deposit with PWC. 1. B) Cash deposit in a FDIC or. Completing our application allows the underwriters at BondAbility to provide you with a specific quote for the exact bond you need. A Virginia law generally requires that voters in Fairfax County approve general obligation bonds through a referendum. For bank accounts or other financial interests, you must show that the minimum available balance in the account is at least equal to the amount of the bond. Virginia law requires that voters in Fairfax County approve general obligation bonds through a referendum.
