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Surety Law

The Top 3 ERISA Fidelity Bond Questions Answered

Question 1: What is an ERISA fidelity bond and why do I need it?
The Employee Retirement Income Security Act, referred to as ERISA, provides specific guidelines and standards for employee benefit plans for the private sector and for individuals who manage and control their own assets and investments. The U.S. Department of Labor manages ERISA in order to ensure the …

 

4 Steps to a CA Immigration Consultant Bond

Any company in California that does business as an immigration consultant must file a surety bond before consulting clients. This bond must be obtained in order to file for and to receive a license. A bond must be posted as a part of the licensing process.
This surety bond protects the client that is financially and/or legally  affected  from …

 

A Guide to Parking Lot Tax Bond

Businesses that engage in operating parking lots are required to get a parking lot tax bond. The bond ensures that loss from theft, damage, and taking of a vehicle that is in custody of the parking lot owner/operator will be repaid to the customer. Each city and county within a state requires a particular form of a parking lot tax …

 

car wash surety bonds

A Car Wash Surety Bond Explained

Employees Benefit from this Bond
Car washes need to be bonded with a car wash bond in order to comply with state, city, or county laws and regulations. Employees benefit from this bond since it protects employees from their employers taking advantage of them financially and legally. With this bond, employees are guaranteed full earned wages, fringe benefits, gratuities, and interest. …

 

Benefits of a Wage & Welfare Surety Bond

Unions require this bond in order for them to be able to negotiate collective bargaining agreements with companies. If a union member does not abide by the obligations stated in the bond, the bond amount can be used to repay claims for wages, salaries, fringe benefits and compensation for services. Union dues and benefits are guaranteed to be paid by …

 

What is a health club surety bond?

In many states, health clubs must be bonded. This type of bond protects customers of the health club. Protection includes the fees paid for a membership will be repaid if the gym shuts down. If the gym shuts down, the bond will repay the fees paid by the member. Health club owners are required to be bonded so if  any fraudulent …

 

South Carolina Money Transmitters Guide

South Carolina Money Transmitters Guide

Almost all states require the regulation of money transmission
South Carolina is the 49th state to catch up to the rest of them with the Anti-Money Laundering Act. The act has been the focus of regulating crime, taking effect since June 9, 2016. The Act requires a surety bond provision for money transmitters by the state, which functions to protect the public from illegal …

 

Environmental Bonds for Contractors

What are Environmental Bonds?
Environmental bonds help contractors meet federal regulations. They ensure remediation projects and hazardous materials are fully covered within the bond and that the bond is in line with federal standards. and allow contractors to do projects that may be potentially harmful to the environment and that harm could become a liability. The risk management for environmental contractors can be …

 

indemnity agreements explained

Indemnity Agreements, Explained: Part 2 – General Indemnity Agreements

This is Part 2 of our two-part post on indemnity agreements. Catch up with with Part 1 here.
General Indemnity Agreements, Explained
In the simplest of terms, General Indemnity Agreements are a type of indemnity agreement that expands the rights of surety companies. Surety companies make customers sign them before bonding in order to ensure that they will be paid back if there …

 

indemnity agreements explained

Indemnity Agreements, Explained: Part 1 – Overview

This is Part 1 of our two-part post on indemnity agreements. Continue with Part 2 here.
Indemnity agreements are a standard document in the surety and insurance industry, but for those outside the industry, they can be relatively unknown. If you are not a lawyer, they can be near impossible to understand. If you are not a someone working in …