Our Blog
What is the Procedure to Deposit Cash in Lieu of a Bond?
From time to time, clients ask about the procedure to deposit cash with the Court in lieu of a bond. Clients have turned to my office to answer questions on these matters. Since my office does not handle the actual payment of funds into the court nor do I have direct...
DEP Third Party Insurance Requirements for Underground Storage Tanks
In various states, the Department of Environmental Protection (DEP) requires either an insurance policy or financial assurance, which can be an insurance policy, letter of credit, or a surety bond, to protect underground storage tanks from possible sudden accidental...
Looking for a Bonding Agent? What to Ask and Why
Today, we are going to talk about things that you want to be asking your bonding agent. Most people, who are in a situation where they're applying for a bond, are worried about qualifying for the bond and obtaining the bond. What if you're able to obtain a bond and...
The Excise Tax Bond
Today, we're going to discuss what's needed for an Excise Tax Bond, specifically a Tax Fuel Bond under section 4104. The bond ensures that the payment of the tax imposed on fuel under § 4081(a)(1), or § 4081(b) of the Internal Revenue Code, guarantees that the seller...
Bonding in Fiduciary Matters
Clients in the past have asked us about what issues might prevent their client from obtaining a bond from a fiduciary perspective. Prominent among them are: Recent bankruptcies/poor credit, Disputes with family members — especially when the fiduciary matter is related...
Subdivision Bonds — Part 4
Suretyship is one of the oldest professions in the world, but few are familiar with the industry. In a way, a surety bond is similar to having a co-signer for an obligation. It is viewed as an extension of credit. If the developer of a project fails to build what is...
Subdivision Bonds — Part 3
A partial list of types of construction work that are covered by the Subdivision Surety Bond have to do with the site work: Grading, Roads, Sidewalks/curbs, Water connections, Sewer utilities, Electric utilities, Street lights, Drainage, Retention ponds, Landscaping,...
Subdivision Bonds — Part 2
Subdivision bonds, a type of surety bond, are currently in demand as housing prices continue to rise and developers look to build homes and housing developments. Builders purchase raw land for the project and depending on which governmental entity — states, counties,...
Subdivision Bonds — Part 1
A land subdivision is when a developer takes a piece of raw land with nothing on it, and divides it into smaller pieces or lots, presumably to build homes. The lots can become other things, but typically it is intended for homes. Let's say you have a one-acre piece of...
Bonding Agencies and What to Look For [VIDEO]
What is the most important characteristic to look for in a bonding agency? In my opinion, attention to detail. Having to go back and reserve the liens because someone was careless is a waste of your time, money, and effort. Neil Pedersen PEDERSEN & SONS SURETY...