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    • Home
    • About
    • Products & Services
    • Leadership
    • Contact
    • Meetings
    • Sign In
    • OBTV
    • Links
      • More Information
      • Legislation
      • DOE XBRL Orange Button
      • NREL
      • Sunspec Alliance
      • XBRL Orange Button
      • XBRL Solar
      • XBRL Construction Surety
      • CPC-Construction Progress
    • The Great Reset Dialogues
    • Review and Comment
    • Digital Surety Bond
    • PG&E On Bill Pilot
    • Digital Ecosystem
    • SBRM - General Contractor
    • FISTech Digital Ecosystem
    • DATA-Act-2.0

EN

  • Home
  • About
  • Products & Services
  • Leadership
  • Contact
  • Meetings
  • Sign In
  • OBTV
  • Links
  • The Great Reset Dialogues
  • Review and Comment
  • Digital Surety Bond
  • PG&E On Bill Pilot
  • Digital Ecosystem
  • SBRM - General Contractor
  • FISTech Digital Ecosystem
  • DATA-Act-2.0

SRC Digital Insurance Services

SRC Digital Insurance ServicesSRC Digital Insurance ServicesSRC Digital Insurance Services

Digitally Connecting Stakeholders with Capital & Financial Markets

Digitally Connecting Stakeholders with Capital & Financial MarketsDigitally Connecting Stakeholders with Capital & Financial Markets

Electronic Surety Bonds

Electronic Surety Bond

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

  1. The surety bond form is completed by filling in blanks on the form before printing.
  2. The person manually executing the bond provides evidence they are authorized by a manually prepared power of attorney form confirming the authority level.  
  3. E-signatures are added to the document
  4. The original bond is emailed to others that need to add their e-signature


The receiver of the bond needs to confirm:

  1. Bond form is completed accurately
  2. Power of attorney is completed accurately
  3. Limit of authority is consistent with the bond amount. 
  4. Notary for accuracy and consistent with person executing the bond
  5. Surety is licensed in the jurisdiction
  6. Surety has an acceptable BEST rating
  7. Surety has an acceptable T-List for the bond amount.
  8. 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.


Pros and Cons

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

Digital Bonds



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