Suretyship has been around a LOOOOOONG time. There are records of surety bond accords that stretch back the the Code of Hammurabi. The first “modern” definition for suretyship in the United States was given by George Robert Wentz in the late 1930s. “Suretyship may be defined as a promise by which a person (the Surety) becomes answerable to another person (the Obligee) for the debt, obligation or conduct of a third person (the Principal). Although suretyship is often referred to as insurance, there is a marked difference between the respective contracts.
Suretyship is not a new factor in business transactions. For many centuries men have assumed responsibility for the obligations of friends. In the first book of the Old Testament the following passage evidences the fact that suretyship was know in the very early days. “I will be surety for him; of my hand shalt though require him; if I bring him not unto thee, then let me bear the blame forever.” (Genesis 43:9).
Understanding surety bonds, why they are required and why surety underwriter request information from applicants for the same can be complicated. Why a particular applicant may or may not qualify for bonding capacity can likewise be confusing (and frustrating). The knowledge and gentle direction of a surety professional can eliminate most of the pain associated with navigating this type of product.
International surety bond leader, Surety One, Inc. is available for same-day issue and delivery of your new or renewal dealer bond request. Our special programs allow us to offer you bonding regardless of credit and financial condition. Do you operate in multiple states? No problem! We offer motor vehicle dealer bonds in all states. (Click here for our MVD bond guide.) We also offer certificate of title bonds and lien release bonds needed in the course of your dealership operations. Contact us at (800) 373-2804, email Underwriting@SuretyOne.com or click here for a live chat for further information about an Illinois motor vehicle dealer bond or other any other surety bond need.
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