a signed promise to pay an amount to do something on a date. Documents like contracts and loan agreements are bonds. 2.a contract with three parties. One party gives guaranty to a customer that a contractor will perform the actions agreed to.
from perplexity.ai:
Public servants, especially those who handle public funds or have access to sensitive information, are often required to be bonded. A bond is a type of surety bond that serves as a guarantee of the public official’s faithful performance, fidelity, and integrity in carrying out their duties[1][3]. The bond consists of a three-party agreement between the principal (public official), the obligee (government or public being served), and the surety (bonding company that underwrites the bond and is the secondary obligor)[3].
The main purpose of a public official bond is to protect the public from any dishonest conduct or financial loss caused by the official’s actions[4]. If a public official fails to fulfill their duties, the bond may be used to compensate the public for any resulting damages[1].
The specific bond requirements for public officials can be found in individual state codes, and they are mandatory for all elected and most public officials, ranging from governors and mayors to court clerks and tax collectors[3]. Some of the positions that often require public official bonds include:
– Agents who sell fishing and hunting licenses
– Court clerks
– Treasurers
– Town managers
– City managers
– Sheriffs
– Deputy sheriffs
– Clerks working for towns, cities, or counties
– Tax assessors and tax collectors
– Municipal judges and judges at other levels of public service[1][6].
Citations:
[1] https://www.nfp.com/property-and-casualty/coverage-expertise/commercial-and-contract-surety/surety/bonds-types/public-official-bond/
[2] https://www.tn.gov/content/dam/tn/tacir/commission-meetings/2013-october/2013-10Tab%204AttachA.pdf
[3] https://suretybondauthority.com/public-official-bonds/
[4] https://www.americanbar.org/groups/tort_trial_insurance_practice/publications/tortsource/2022/summer/securing-public-trust-public-official-bonds-vs-government-employee-crime-coverage/
[5] https://www.dol.gov/agencies/olms/compliance-assistance/tip/bonding-requirements
[6] https://www.allstatesuretybonds.com/what-is-a-public-official-bond/