The Importance Of Drawing A Surety Bond CA For Fulfilment Of Job Contract Between Two Different Parties
When working as a freelance professional, many individuals find it difficult to verify the authenticity of a particular individual who may want to hire their services. While may prefer to speak to the individual, collect different forms of identity proofs or even meet the individual in person, in some cases, these methods of verification might not be possible. For instance, when an individual offers their services as a freelancer, he or she may be contacted by clients from different parts of the world. In such cases, it may be very difficult for them to lay their trust in a stranger’s words blindly, and take the plunge. However, today, it is possible for freelancers and other professionals all over the world to work with complete peace of mind, owing to the fact that there is a legal way to ensure their payments. A surety bond ca is the best way to ensure that one’s payment for the completion of a particular task is received upon completion. The way a notary stamp works is very simple. There are always three parties involved when a surety bond ca is drawn.
The employer, also known as the obligee, the individual or party that is employed – the principal, and finally, the ‘surety’, who is a neutral and unbiased third-party who will act as a mediator between the principal and the obligee. Initially, after the contract for the task has been drawn and signed by both parties, the surety is given possession of the same. After studying it, the surety takes possession of the amount of money promised to the principal upon completion of the task specified in the contract. After this has been done, the principal can start working upon the assigned task. Once the task has been completed in accordance with the terms of the contract, the surety will go over the work done and decide whether justice has been done to the contract. Finally, the payment will be made by the surety to the principal.