What is a Bonded Employee?
A Bonded Employee is an employee that has a bond placed on them pursuant to their employment. This type of bond is generally called a fiduciary bond. That is because the employee is serving in some sort of fiduciary capacity such that the employer is wanting them to receive a bond to protect itself against the employee’s bad acts.
One type of bonded employee is a public employee, like a county treasurer. Given the large amounts of money that is under their control, the government is likely going to require a bond for their performance. Thus, if the employee takes a bunch of money that is going through their hands, then the county is not stuck in a position where it would have to then sue the employee. Instead, if the employee is bonded, then the county can go to the surety company and have the surety company pay. Then the surety bond company can go after the employee to get paid back.
Public notaries are usually bonded as well. If employed, they can get this through their employer.
The post Bonded Employee appeared first on Surety, Contract, Payment, and Performance Bonds.
via Blogger Bonded Employee
RSS Feed
