 |
|
| LRS&C specializes in securing bonds for business and professional clients. A bond (sometimes referred to as a surety bond) is a third party obligation that promises to pay if a vendor does not fulfill its valid obligations under a contract. It is a financial guarantee that a company will honor its business contract. We work with top ranked surety companies to provide Contract Bonds, Fiduc  iary Bonds, and ERISA Bonds. Contact Jim Riddle, Tom Schimmel, or Charlotte Fulcher for assistance with bond needs.Contract Bonds More and more frequently businesses — especially those performing contracting services — will be asked to bond their work in advance. In some states certain types of contractors are required to be bonded. Various types of bonds include bid, performance, and payment. It is important to remember that a bond is not an insurance policy. A bond provides assurance that the contracted work will be satisfactorily completed. A bond, for example, will not pay for property damage or personal injury resulting from your work. For this you need conventional insurance coverage. Generally speaking, bonding companies will only provide bond coverage in an amount that you can cover with existing liquid assets. Fiduciary Bonds (Administrators, Executors, Conservators, Curators, Guardians) A fiduciary is one who is charged with the responsibility of handling the affairs of another. They are generally appointed because the other party is incapable of handling their own affairs, due to incompetence, death, age, or other reasons. Fiduciaries are oftentimes (by statute) asked to furnish a bond to guarantee faithful performance of their duties. Employee Dishonesty Bonds guarantee that the bonded employee(s) will handle their employer's money and property in a trustworthy manner. ERISA Bonds Individuals called plan fiduciaries manage pension plans and profit sharing programs. The Pension Reform Act of 1974 requires that the fiduciaries of a pension or profit sharing fund post a bond for ten percent of the amount of the funds handled.
|
|
|
|
|
