No. The bond can be purchased for LESS than the face value. Basically, it s like an insurance: you did something wrong, they would have at least $5000 in their pocket for damages, even if you run. Then the bond enforcement folks come after you for the rest, and that has nothing to do with them. :)And you are guaranteeing the bond as a PERSON, not as the business, which is a separate entity.
Tuesday, March 15, 2011
What does this mean when you are applying to get a business started? -
Each individual solicitor is required to post a $5,000 personal surety bond, in the name of the individual solicitor -- not the company -- naming the Prince William Board of County Supervisors as obligee at 1 County Complex Court, Prince William, VA 22192. The bond may be obtained through an insurance agencydoes this mean i have to pay 5,000 dollars up front, and can easily appear in court whenever they want me too?what does this mean???
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