A certain secret agent regularly makes his appearance on the
small and large screen.
Bonds of the legal kind are also becoming more regular all year
round, particularly with the current economic climate and concerns
that many employers have as to the ability of contractors to
perform contracts and their financial stability. If the contractor
fails to perform as he is required to or becomes insolvent, then in
principle the employer can recover a sum of money from the
contractor.
With the economic downturn, on-demand bonds rather than
performance bonds are becoming more popular.
In theory at least, all an employer has to do if he has an on
demand bond is make a call on the bond to release the funds usually
by providing a written statement that the contractor is in default
in someway.
