Pennsylvania Demand Bond

State:
Multi-State
Control #:
US-00415BG
Format:
Word; 
Rich Text
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.

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FAQ

Example ? on a $10,000 bond, any individual could pay $10,000 at the jail, or a bondsman will have to write a check to the court for $10,000 to get you out of jail. The fee for the bondsman would be 10% of $10,000, in other words $1,000 you would have to pay to get bonded out.

Pennsylvania business license applicants as well as contractors are frequently required to post a surety bond. This bond guarantees their compliance with state laws, and the specific requirements of their particular profession.

What Do Pennsylvania Surety Bonds Cost? Surety bonds generally cost 1-15% of the required bond amount. Surety bond costs vary significantly depending on the bond amount that you need and your rate (which is the percentage of the full bond amount you must pay).

Pennsylvania contractor license bonds are required for general and specialty contractors. Learn more about these bonds and find the best rates online. Search for your bond to get started!

Average Cost: $50 for a four-year term. Bond Amount: $10,000. Who Needs it: All notaries public operating in Pennsylvania. Purpose: To ensure the public receives compensation for financial harm if the notary fails to properly perform their duties.

A notary bond is a legally binding contract guaranteeing the notary will complete tasks ethically and in adherence with the law. If a notary fails to perform his or her duties, a claim can be made against the bond by the state and/or those harmed as a result of the notary's actions.

What Do Pennsylvania Surety Bonds Cost? Surety bonds generally cost 1-15% of the required bond amount. Surety bond costs vary significantly depending on the bond amount that you need and your rate (which is the percentage of the full bond amount you must pay).

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Pennsylvania Demand Bond