It is possible that you are on this page because either as a Plaintiff in a pending civil legal matter, or counsel for the same, you have been told by the court that as a prerequisite for proceedings to continue, you are required to obtain a ‘temporary injunction bond’ or an ‘injunction bond’; both terms mean the same.
In short, an injunction bond is required of a Plaintiff on behalf of a defendant. The allows the defendant to collect for losses which occur due to the Plaintiff’s lawsuit, in case it is subsequently determined that the Plaintiff’s cause of action was without merit.
The bond, therefore, allows the defendant to be compensated for any losses which occur because of the Plaintiff’s case should have never been filed.
Section §14-54-1504 of Arkansas' statutes mandates the circumstances and amount of an injunction bond required.
To obtain an Arkansas injunction bond for any amount up to and including $25,000 surety, this bond is issued to you by our agency immediately upon receipt of the following:
There is no credit inquiry for an injunction bond up to $25,000.
For amounts greater than $25,000, in addition to the above listed items, an applicant will undergo a credit inquiry. Applicants for the injunction bond will need to have good credit in order to be approved. If you are approved for this bond, you will pay 2% of the bond amount or $100, whichever amount is greater for any amount required.
The premium for the Arkansas injunction surety bond is not a onetime-only payment. The premium will renew on the anniversary of the bond’s activity, until the final disposition of the underlying case is determined.
Options exist to prepay your bond up to three years, thereby offering you a savings over annual renewal of your bond. The advantage to you is that you are offered a savings over year to year renewal of the injunction bond premium; however, should you choose this option and your case settles beforehand the term, a refund is not offered.
A surety bond is not an insurance policy; it is more akin to an extension of credit. Therefore, if a court were to order that payment to defendant be obtained from your surety bond, you in turn, would be obligated to repay the surety for all costs involved.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide injunction surety bonds in Arkansas and nationwide.
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