What is a bond?
Maybe at this moment, I do not know how to answer. It may be necessary that he is on a concrete bed, suffering from cold, suffering from thirst and hunger inside a cell and constantly bearing threats that he will go to prison for having committed some imprudence. Or simply because it requires it to rent a real estate property or to comply with a construction contract.
The bond is a contract that is acquired with a bonding company and it undertakes to fulfill an obligation of various kinds such as: getting out of a legal problem, leasing a real estate, ensuring the fulfillment of a contract, expanding and ascertaining the trust towards the personnel and even guarantee the delivery of an object of value in perfect conditions.
Marlon Cabrera, spokesman for the National Commission for the Protection and Defense of Users of Financial Services, commented that acquiring a bond is giving certainty and caution in the face of an economic risk.
Peace of mind that the obligations of a contract are fulfilled, even though there is a risk that the contractor (guarantor) can not fulfill them, he said.
The guarantee of the guarantee is achieved by paying a premium, which is the amount that must be granted for the acquisition of a bond policy, which includes administrative expenses, taxes and a profit margin for the company.
The price of a bond depends on the amount by which the surety is willing to back the type of contract that the contractor performs, assured Cabrera.
Gerardo Castillo, executive secretary of the Association of Bonding Companies of Mexico, said that it must be clear what the resource needs and how the contract will be carried out, since there are different types of bonds.
To know more about the subject, it is advisable to request information from the National Insurance and Bonding Commission and make sure that the surety you intend to hire is well regulated, so you can be sure that your registration is legal., in addition to going to several bonding companies to compare premium prices.
CHOOSE THE COMPANY WELL
Gerardo Castillo, executive secretary of the Association of Bonding Companies of Mexico (Afianza), said that you should look and know well the bonding company to which you are going to hire.
There is no institution that regulates them or that sets a maximum limit for the collection of the premium, so I recommend observing and asking in more than one surety to know which is the most convenient and which is the one that approaches their needs, He said.
Marlon Cabrera, spokesman of the National Commission for the Protection and Defense of Users of Financial Services , clarified that the bonds are regulated, basically, by the supply and demand of the market, in addition to the premium is always associated with the level of risk of what you want to strengthen.
Because of the above, there is a wide range of bonding companies and it is advisable to always be very attentive to what you are going to hire, he argued
TYPES AND CHARACTERISTICS
Loyalty bond: guarantees an employee who was accused by his employer of having committed a crime in his job as theft, fraud, breach of trust and embezzlement.
Judicial bond: guarantees the obligations of a person who is in a judicial process to follow him under conditional freedom, conditional sentence in criminal proceedings, damages and prejudices in civil proceedings.
Credit guarantee: guarantees the payment of a certain amount of money that you have requested from a financial institution.
Administrative bond: guarantees the fulfillment of an obligation, for example, if you want to rent an immovable property, it would serve to guarantee the payment of the rents, or if you own a moving company and you need to transport something expensive, you can take hold and back up the cost of the item.
RECOMMENDATIONS FOR HIRING AN AFFIXER
Ask the National Insurance and Bonding Commission if the surety company you want to hire is authorized by the Ministry of Finance and Public Credit.
Compare the cost of the premium between several bondholders.
Investigate which bondholder is hired and what are the conditions attached to signing the bond policy.
Always be aware that you are entrenched and never believe that bail is the solution to your problems or your signed contract.
Respect and fulfill the contract.
Find out if what you require is a bond or insurance, since these two resources can confuse you.
Approach the CNSF to clarify doubts and questions.
You can also go to the Condusef, with the aim of obtaining information and help to hire a surety.