The state of New York is considering joining the 21 other states that currently have a bond requirement in place for debt collectors. Anyone who has been pestered by debt collectors in the past should be in favor of this bill. The surety bond puts real financial consequences behind existing regulations of debt collectors giving added incentive to make sure they follow the rules.
OVERVIEW OF BID BONDS, By Jacob Dines of Surety1
Bid Bonds – Issued by surety on behalf of contractor, as principal, as security for a bid to provide goods or services to the obligee. A bid bond is a type of surety bond that guarantees that the principal will enter into the contract that is being bid.
BID BOND CLAIMS