Indiana Demand Bond
Description
How to fill out Demand Bond?
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FAQ
An on-demand bond is an unconditional bond or bank guarantee required of many contractors and sellers by overseas buyers to guarantee the tender (the actual form of money exchanged) as security against the value of advance payments under a contract, or to guarantee performance of the contract.
The essential difference between an 'on-demand' bond and a 'default' bond is that, under an 'on-demand' bond, the employer does not have to prove default.
Is the security an on-demand bond or guarantee? An on-demand security bond is an unconditional obligation to pay when a demand has been made. A surety bond or performance guarantee requires certain conditions to be met before payment is made. Some contracts provide standard form security documents.
The bond covers the whole duration of the project, as well as a maintenance period that is agreed on top. A letter of credit can be issued for any percentage of the project contract amount, but it's usually between 5-10%.
In the case of the Construction Industry, a Retention Bond is a type of Performance Bond that protects the client after the completion of the contract. This provides a guarantee that the contractor (the Principal) will fix any issues after the job / project has finished (even after full payment has been made).
Paget's presumption applies where an instrument: Relates to an underlying transaction between the parties in different jurisdictions; Is issued by a bank1; Contains an undertaking to pay "on demand" (with or without the words "first" and/or "written"); and.
Your Bond Must Be A Reasonable Value The Indiana Supreme Court has held that bonds must be reasonable. If a bond amount is unreasonably high, it may be seen as overstepping the intended purpose of ensuring your attendance at court. Sometimes, a seemingly outrageously high bond can be justified in the name of safety.
The essential difference between an 'on-demand' bond and a 'default' bond is that, under an 'on-demand' bond, the employer does not have to prove default.
