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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 receiver of the bond needs to confirm:
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
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.
Pros
Follows traditional work flows
Look and feel the same as a paper bond
Cons
Simply confirms the person signing the bond is the person who signed the bond.
Data still need to be extracted manually
No data administration efficiency gain
No verification of bond data
Alternative
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