The Illinois Order of Discharge or Cancel Bond is a form of legal document used in the state of Illinois to protect a property owner from financial loss due to a tenant's failure to pay rent, or other obligations under the lease agreement. The bond is a monetary guarantee that the tenant will pay the rent, or other obligations, or the property owner can collect the bond amount from the surety instead. There are two types of Illinois Order of Discharge or Cancel Bond, namely the Surety Bond and the Cash Bond. The Surety Bond is an agreement between the tenant and the surety company, wherein the surety company guarantees payment of the bond amount if the tenant fails to fulfill their obligations. The Cash Bond is an agreement between the tenant and the property owner, wherein the property owner sets aside a cash deposit that can be used to cover their loss if the tenant fails to fulfill their obligations.
Illinois Order of Discharge Or Cancel Bond
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How to fill out Illinois Order Of Discharge Or Cancel Bond?
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