Bond Recommended Form template
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Non-Profit Budget and Credit Counseling Agency Bond
- Language English
The document is a bond between a principal (a nonprofit budget and credit counseling agency) and a surety company, where the surety agrees to cover the liability of the principal if they fail to honestly account for monies and assets collected. The aggregate liability of the surety is limited to the penal sum stated in the bond. The surety can terminate the bond with notice and remains liable for obligations before termination. Claims must be presented within two years, and a claimant can bring action directly on the bond. Notice of any legal action against the principal or surety must be given to the United States Trustee.
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