SURETY BONDS |
License and Permit bonds are a generalized class of commercial surety required by government agencies in order to receive a license or permit as a prerequisite to start certain businesses. Governments, at all levels, often require license and permit bonds for businesses that involve some risk to the public.
Customs bonds, or Excise bonds, are required by custom brokers, importers, transportation companies, logistic companies, shippers and others by the Government of Canada.
Carnets, commonly known as “Merchandise Passports”, are a globally accepted customs document that simplifies customs procedures for the temporary importation of various types of goods. They are commonly used by sales people and manufacturers to bring their wares into foreign countries to show as commercial samples to potential clients or to display at trade shows, exhibitions or fairs. Entertainers, sports teams, the media and service companies also frequently use carnets to travel with their professional equipment. They are valid for up to one year and are accepted in 80 countries and territories.
As a way to protect an estate and the beneficiaries, an executor is often required to post an estate administration bond. The bond protects the beneficiaries and creditors in the event of improper administration of the estate assets. A bond is usually required where an executor appointed in a will resides out of province, where there is no will or where an alternate executor is applying to the Court for appointment as executor. The bond states that if the executor fails to perform the duties as agreed then he/she would be liable to pay the entire bond amount. The bond application is always concluded in the city/province/country where the duties are to be carried out. All applications are then analyzed by a judge to verify if all conditions have been satisfied.
Lost Document Bonds are required in order to obtain replacement certificates (for stock, debenture, warrant or bonds like Canada Savings Bonds), life insurance policies or other financial instruments when an individual or company loses the originals. This bond guarantees that if the original lost document is found, it will be returned to the surety company for proper disposal and the issuer of the replacement security will not suffer an economic loss.
A Fidelity bond is a financial guarantee that protects its policy holders from losses, either physical or monetary, they may incur due to dishonest or fraudulent acts caused by specified individuals. In most cases, a fidelity bond is obtained by an employer against loss caused by the dishonesty of an employee.
If one or more of your employees is entrusted to handle cash or other valuable assets, you should consider purchasing a fidelity bond.
A cannabis excise bond is a type of excise surety bond that guarantees the imposed duties on licensed cannabis products are paid.
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