Bonded?

Question

" Are you able to be bonded " ? Does the above sentence make sense ? If it does, may I know what it means, please

Raul · Accepted Answer

What do you mean "bonded"? In the financial or legal sense of the word?

:-|

Whl626 · Answer

Well, I myself have no idea. In fact, I saw someone asking such question somewhere.

Raul · Answer

If not a slang expression, the uterance is possible. In this case it means:

Are you able to "operate under a bond"?

In Finance. a bond is a certificate of debt issued in order to raise funds. It carries a fixed rate of interest and is repayable with or without security at a specified future date.

Hope this helps!

Whl626 · Answer

Thanks

I think it is better to say such instead of using ' bonded '

Maj · Answer

A bonded company offers some protection if it doesn't fulfil its contract with the customers.

Mkyol · Answer

I know this post is very old but just in case someone's wondering.

In context of online games such as Ultima Online, 'bonding' means having a special connection between an animal tamer and an animal.. and it allows special perks for the tamed animal, such as when it dies, a ghost version of it appears and follows you, and you can resurrect it. In Ultima Online, the use of term 'bonding' is very common.

Hope that helps?

Goodman · Answer

MajA bonded company offers some protection if it doesn't fulfil its contract with the customers.

You are right about that use of the word "bond". The word "bond" can mean so many things in various contexts. In business, if an establishment is bonded, in general, it's a more reliable and trust-worthy, especially when you are hiring a general contrator to build a house or something bigger.

Investopedia Says:

A bond issued to one party of a contract as a guarantee against the failure of the other party to meet obligations specified in the contract.

For example, a contractor may issue a bond to a client for whom a building is being constructed. If the contractor fails to construct the building according to the specifications laid out by the contract, the client is guaranteed compensation for any monetary loss.

Anonymous · Answer

eing Bonded

It means, "Have you ever worked at a job where your employer had insurance to protect his clients from any damage you may cause (intentially or accidentally)?"

Many occupations require that you be bonded. This means that your employer will pay a bonding company to assume liability for any specified financial losses that you might incur. If such losses do occur, the bonding company will reimburse the employer. They will then take persistent and vigorous steps to recover that money from you. An insurance agent is often, if not always, bonded. To determine if you are bondable, it is common practice to hire an agency or person to investigate your personal history to help determine if a bonding company feels that you are a good enough risk to bond. If you're bondable, you are considered more likely to be a trustworthy employee than someone who is not.

More input

Bonding is frequently called "reverse insurance". Insurance is intended to pay someone for damages by an event that, may or may not have any fault, but is essentially expected to possibly happen, (like a house fire). An insurance company expects to pay some losses - the risk of that loss, to the degree that it is more than the fee/premium charged, is shifted from the insured to the insurance company.

Bonding on the other hand, is a way to assure payment (or performance of something) for an event that really should never happen. If payment/performance under a bond must occur, the Bonding Company will try and get paid by the one it bonded. It never agreed there should be or to accept any loss. Hence, along with a fee the company normally gets security/liens/mortgage that it feels is adequate to reimburse it for any amounts it pays.

Bonds come in many, frequently specific & independent forms. For example, it is common that a building contractor will have to provide 3 different bonds in many jobs: Bidding, Performance, & Payment. The bid bond assures that if he bids to do a job - wins the bid - and then doesn't agree to to the job as bid, the one who was requesting the bid (and now has to go through the time and expense of redoing it all) gets compensated.

The contractor may also have to provide a Performance bond, which basically means if he fails to complete the contract, (walks off the job, etc., ) and the buyer needs to get someone else to do it, there is compensation in the bond amount. This bond may even cover the warrenty period, so there is a way to assure the contractors 10 year guarantee, if say, he's gone then. (Sometimes, instead of paying, the Bonding Company will/must actually step in and hire another contractor to perform).

There may be a bond required to assure that payments made to the general Contractor that should be paid to the sub contractors , suppliers or employees, are actually paid to those people. (If the contractor fails to pay a supplier/worker, those people actually have a lien against your property until they are paid, even if you paid the contractor).

Hence, a bond is essentially that a large, capable organization (generally an insurance company), agrees that those taking on a responsibility are actually responsible, or the bonding Company will perform in its behalf or compensate....and then get renumeration from the one causing the problem.

In most job situations, it means you are considered responsible to be trusted with money, (under what would be expected to be controlled guidelines of your employer).

Just being able to be bonded for something, indicating another presumably large/reputable company will stand behind you, is a sign of quality and integrity.

Another answer

To be bonded by a former employer, if that's what you are referring to is usually due to your job duties and it's requirements. Such as, if you handle companies monies or fiduciary accounts. Fidelity bonds are used by employers to cover the risk of loss of money and business personal property due to an employee's dishonesty.

Or if for example you have a notary license. If the employer is using an employee for those services, the employee would need to be bonded for safety measures.

Bonded?

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