PROGRAM OVERVIEW
SURETY
BONDS
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| COMMERCIAL SURETY BONDS |
| COMMERCIAL SURETY BONDS |
Bonds that fall under this 'other' category are those that are not part of a law/act or licensing agreement. There are many types of bonds that fall under this category; however, the most common are:
A Lost Document bond is issued when an individual or company loses a certificate, including shares, debentures, warrants, and bonds. In order for the issuing agent (Transfer Agent) to issue replacement certificates, a Lost Document bond is required. Lost Document bonds can be in Open Penalty or Fixed Penalty form, depending on the nature of the lost instrument.
A Waiver of Probate bond is issued when the registered owner of the stock is deceased. Although the stock is not lost, a Waiver of Probate bond is required by the issuing company in order to reissue the new certificate(s) under the new owner, or executor of the estate.
A Carnet bond allows individuals or companies to take goods out of Canada for display purposes only. The Carnet bond is in favor of the Canadian Chamber of Commerce and its limit is based on the duties applicable to goods going out of Canada.