At Pinnacle Surety, we have internal Surety Bond Underwriters that can assist with injunction bonds. Expediting the bonding process, we ensure that our clients get an injunction bond that fits their exact requirements. With over 20 years of experience, our experience and expertise make us the number one choice for those looking for a high-quality surety bond company for an important court case.
Call: (844) 612-7238
What Is An Injunction Bond?
An injunction bond is a type of court surety bond which guarantees that the plaintiff will pay any costs, damages and court fees that are relevant to the case in question. The fees that they have to pay will have been sustained by the defendant if an injunction is not granted by the court. If the plaintiff refuses to pay for the damages that the defendant has suffered from, the defendant can then make a direct claim on the injunction bond.
It is essential that the plaintiff indemnifies a defendant against any foreseeable damage that can come as a result of an injunction – which is particularly vital in the case of the court later ruling that the injunction wrongfully treated and restrained the defendant.
The injunction bond is a contractual and legal agreement between three parties – the principal (the plaintiff), the obligee (the defendant) and a third party (us, the surety bond agency). An essential layer of protection, injunction bonds are suitable for temporary, prohibitive and mandatory injunctions.
How Do You Claim On An Injunction Bond?
If the plaintiff fails to take care of the claim that they have filed against the plaintiff’s injunction bond, Pinnacle Surety will start an investigation to determine how valid the claim is. Reaching out to both the defendant and the plaintiff, we will take all of the details into consideration to determine the best course of action.
After making the claim is considered valid, we will remind the plaintiff of their obligation to settle the costs.
How Much Do Injunction Bonds Cost?
The cost of the injunction bond will be set by the court itself. Intended to be high enough so that it will cover any legal costs and damages incurred by the plaintiff, the applicant will have to provide a copy of the court order to us in order to establish the amount. An applicant with a good credit rating will pay less for the bond, whereas those with poor credit ratings might have to pay higher premiums.
Why Choose Us?
At Pinnacle Surety, we have the skills and experience needed to get you the best possible injunction bond. With a fast and efficient service, we offer affordable rates and will ensure that applicants are fully aware of the terms and conditions that come with injunction bonds. No matter what the size of the case, we are your first port of call whether you are in CA, ID or another location in the US.
Pinnacle Surety also offers appeal bonds, also known as a supersedeas bonds. Alongside an injunction bond, an appeal bond is a crucial addition when a court case is necessary. An appeal bond has a variety of benefits. Firstly, it will protect the court if any unnecessary appeals or dishonest activities are undertaken during the case proceedings.
Secondly, a defendant can apply for an appeal bond which will protect them in the situation of a loss. Appealing to the higher court can result in costly fees; therefore an appeal bond is a cost-effective way that a defendant can protect themselves. The money from the appeal bond will be paid to either the court or the third party to directly demonstrate the intent to commit to a final ruling.
What Other Bonds Do We Offer?
At Pinnacle Surety, as well as injunction bonds, we also offer bid bonds. These are appropriate for either contractors or project owners who want to start a contract bidding process. A bid bond comes with a variety of benefits when you want to bid on a job:
- It will guarantee that the contractor has full access to sufficient funds needed for the project.
- It will guarantee that the bidder agrees to a contract and follows through when they are given it.
Payment bonds are suitable and essential for those who are working within the construction or contracting industry. An agreement formed between the project owner, contractor and surety, it is a layer of protection that guarantees that both the employees, subcontractors and suppliers get paid upon completion. All three parties must agree to the terms and conditions that are laid out on the contract.
Alongside a payment bond, some people may also opt for a subcontractor payment bond, which is an extra layer to guarantee payment at the end of a project.
Pinnacle Surety also offers performance bonds. This type of bond is favored by construction workers or contractors that want an additional layer of protection to guarantee that a project will be completed. The performance bond will mean that if any defaults occur throughout the timeline of the project, we have the ability to either complete the work or open up the unfinished work to a bid.
What is The Main Difference Between Payment Bonds and Performance Bonds?
Even though these two types are often believed to be the same thing, they have one big difference. A payment bond is a guarantee made between the employees, suppliers and contractors ensuring that they get paid upon project completion. Whereas a performance bond guarantees that the contract owner is protected and covered in the case of a default. If you are unsure as to which bond is appropriate for your needs, it’s vital that you get in contact with Pinnacle Surety.
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