- December 21, 2016
- Posted by: Surety Bond Experts
- Category: Financial Guarantee Bond, Surety Bonds
A financial bond is a bond that cannot be cancelled and ensures that a payment will be made if the principal is unable or unwilling to fulfill the obligations specified in the contract.
There are several items that may need to be submitted when applying for a financial, or any surety, bond:
- An application which sums up a thorough overview of the business’ financial situation.
- A formal record of the financial activities, such as statements that evaluate the financial strength, performance and liquidity of a company. The statements should include assets, liabilities, equity, income and cash flow statements.
- It is also important for the surety to know the history of people associated with the company. By doing so, the surety makes sure that the business is skilled enough to perform the task.
- For many projects, a principal needs to have a permit or license to prove that the project can be completed satisfactorily. There are certain commercial bonds that will require the necessary permit or license before the bond can be acquired.
A financial bond is a guarantee that a contractual obligation will be fulfilled. In order to apply for a financial (or any surety) bond, an application, formal record of financial activities and other documents may be required.
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