The Basics Of Surety Bonds And How They Work March 8 Denzel Valentine Jersey , 2014 | Author: Krystal Branch | Posted in Customer Service Surety bonds are issued by entities such as insurance companies on behalf of another party (individuals or business units) to guarantee the third party that the second party will fulfill its obligation as agreed. Legally speaking, the obligee (the entity that requires guarantee) can claim any financial loss to the extent deemed fit from the surety (the party that issues guarantee) in case the principal (the party that purchase the bond) fails to fulfill its obligation. This is therefore a mutually and legally binding contract.
This is a form of insurance contract where the insurance company takes place of surety; the principal is the firm purchasing the insurance cover while the obligee is the client to whom the duty is owed. In most cases, the state government Robin Lopez Jersey , federal government or other public entities will ask for this kind of insurance before issuing the license to a firm to carry out a public funded project.
The underwriter then recovers this payment from the principle later on. It can also be described as a bond that provides consumers with the protection and it has to be purchased as a condition of issuing the professionally regulated permits.
There are several types of surety bonds that exist in the market today. The most common types include the license and permits guarantees, the depository bond, the notary bond Kris Dunn Jersey , construction and material supply bond, the court bond, the bid bond Cameron Payne Jersey , payment bond, the permit lost instrument, the one for release of lien Justin Holiday Jersey , the public official type, performance bond and miscellaneous bond among several other types.
There are several circumstances that call for this kind of guarantee. You may purchase it to protect clients against theft by employee. The construction professionals too purchase contract insurance so that they can work on public funded projects. The other circumstance in which you may find it necessary is when applying for business license.
This type of bond gives insurance agencies the opportunity to be able to expand their business in this highly competitive market. As an insurance agent, it is dangerous to specialize in personal auto or homeowners insurance only. It will be advantageous to start writing commercial type of insurances which can be best done by starting from surety bonds.
In case you need this bond Bobby Portis Jersey , there are several options to choose from. You can choose to visit a specific insurance firm that sells the bond or purchase it from an insurance brokerage firm selling it on behalf of the insurer. Both cases offer their services through online options where you submit your application form after filling in details and pay the required premium after which the bond may be process in as little as one working day.
The steps are normally simple, you simply need to submit a fully filled form with all details required, pay the premium asked for and the processing starts. In many firms Jerian Grant Jersey , the processing of surety bonds may take less than a day.
You can visit whartonsurety for more helpful information about The Basics Of Surety Bonds And How They Work.
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DHAKA， June 27 (Xinhua) -- Bangladesh's biggest cell phone operator Grameenphone has crossed the magic number of 10，000 3G or third generation sites at 10，000 locations across Bangladesh， bringing in around 90 percent of the population under its 3G coverage.
In January this year， Grameenphone， 55.8 percent owned by Norwegian telecom company Telenor and 34.2 percent owned by local Grameen Telecom， announced at a program in capital Dhaka in the presence of Telenor Group Chief Executive Officer Sigve Brekke the goal to reach 10，000 3G sites by June.
Bangladeshi State Minister for Posts， Telecommunications and IT， Begum Tarana Halim， at a celebration ceremony in Dhaka inaugurated the 10，000th 3G site， said the company in a statement received here Monday.
This is one of the fastest as well as the largest 3G rollout in terms of population coverage in the region， it said， adding this expansion will not only connect almost all the people of the country to 3G but will enable government and other organizations to take their digital services to the people more effectively.
The state minister thanked the largest cell phone operator for this achievement， which she believes will help in realization of Digital Bangladesh.
Speaking on the occasion， Grameenphone Chief Executive Officer Rajeev Sethi said ""Five months ago we took on a challenge to roll-out our 3G network at an unprecedented speed. Our investment and our achievement today is not only Grameenphone's alone. 10，000 3G sites is no less a national achievement and we share it with Bangladesh.""
Grameenphone Chief Technical Officer Medhat ELHusseiny narrated the journey to convert 10，000 BTS to 3G through a presentation which depicted the extraordinary efforts of the employees. To finish this task， 14，14，877 man hours have been invested while they traveled 1，311，040 kilometers and climbed 680，000 meters which is equivalent to 80 Mount Everest.
Grameenphone， which was set up in March 1997 by 2006 Nobel peace prize winner Bangladeshi Muhammad Yunus， is the country's top cell phone operator. As of May， the cell phone operator has 57.393 million subscribers. The total number of Bangladesh's mobile phone subscribers reached 132.649 million at the end of May this year.
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