Surety Bond?

[bojams]

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I hope anyone can provide me with information about surety bond: how to get it? how much do ot cost? anything...

somebody suggested Philippine Charter Insurance Company daw...

[JedCrack]

try Southern Island Insurance Inc. I tried getting Surety or Performance Bond for my Letter of Credit so that it would be activated. by the way, what is your Surety Bond is for? how many percent is your bond?

[bojams]

by the way, what is your Surety Bond is for? how many percent is your bond?

Actually Redjack, I don't really don't have idea about surety bond. I am applying for a ticketing outlet in one shipping line that is why I am pooling some info about surety bond. They will accept surety bond in exchange of cash bond.

[JedCrack]

OMG, why are you into this business if you do not have any idea about it in the first place. i thought you were asking where to get surety bond. Surety Bond is same as Performance Bond, an amount that you need to set up in order you are deemed to perform or consummate the product. I believe you have a contract between you as the ticketing outlet and the shipping line and the amount of the Surety Bond is based upon. You need to put up the amount as stated in the contract for the Surety bond, and the amount you put up has to be given to the insurer as the one who will underwrite the Surety bond in favor to the beneficiary which is the shipping line. In case if you have not performed or consummate the product, the amount that you put up will be forfeited in favor to the shipping line, if not, you may still have the bond and the money until you terminate your contract between you as the ticketing outlet and the shipping line.

[bojams]

Got it, thanks for the info.