A bond is a contract by which a person agrees with the creditor to pay for the debtor if he does not. It is the obligation that someone acquires to do something that another person or company has committed in case it does not.
The Surety Companies are third parties that guarantee the obligations that another assumes, through certain guarantees, responding to the beneficiary in case there is a breach by the guarantor.
What is a Bail Policy?
The ” Bond Policy “, also known as commercial or company bond, is that document issued by a surety company in exchange for the payment of a premium. By means of said policy, the Surety undertakes to respond for its guarantee. The responsibility assumed, is reflected in this document.
Having a Security Policy or a Corporate Bond guarantees that if the guarantor, whether supplier or contractor, does not comply with the obligation assumed, it will be the Surety that responds for the guarantee, providing certainty and security that behind that policy A solvent Moral Person is found who will face the obligation that his guarantor assumed.
In case of default, the Surety will make the payment to the beneficiary as long as it complies with the formalities indicated by the Law. In case everything is in order, the beneficiary can be certain that the payment will proceed, since the Moral Person who assumed the obligation for the guarantor, is a company of proven solvency, which allows the Surety to indemnify the beneficiary for the corresponding amount, same as indicated in the Deposit Policy.
In us, we know that trust and efficiency are key elements for contracting a bond, that is why we provide our clients with the security and support they need when doing business, always guaranteeing the protection of their interests.