Electronic Surety Bond
Issued manually with digital signatures for each person signing the bond.
Digital signatures provided by companies like DocuSign, JotForm, HelloSign, PandaDoc, Adobe Sign, Qwilr, HoneyBook, AND.CO, Proposify, GleanQuote, SignNow and eSign Genie.
Data extracted manually or by OCR, with potential errors.
More efficient than paper bonds with wet signatures, but not as efficient as Digital Bonds
Process for issuance
- The surety bond form is completed by filling in blanks on the form before printing.
- The person manually executing the bond provides evidence they are authorized by a manually prepared power of attorney form confirming the authority level.
- E-signatures are added to the document
- The original bond is emailed to others that need to add their e-signature
The receiver of the bond needs to confirm:
- Bond form is completed accurately
- Power of attorney is completed accurately
- Limit of authority is consistent with the bond amount.
- Notary for accuracy and consistent with person executing the bond
- Surety is licensed in the jurisdiction
- Surety has an acceptable BEST rating
- Surety has an acceptable T-List for the bond amount.
- As an extra step some bonds require additional wet signatures as witnesses.
Validation
One the bond review is complete the receiver needs to validate the bond by manually contacting the surety or by submitting a manually prepared form to the surety
Digital Bond
The surety bond is provided with a PDF image of the standardized text with importable data elements and a Bond Validation Number (BVN)
With the BVN all stakeholders can both validate the bond and receive the PDF image with surety bond data set for efficient data exchange.
