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A Florida surety bond guarantees principal owners and the public that services will be performed with excellence and security. Florida legally requires a variety of contractors and organizations to secure bonds to conduct business across the public service industry. Single Source Insurance is a leading Florida bonding company. Apply easily online and take advantage of lowest rates. Browse the most common types of FL surety bonds, or contact us for a full list.
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The Latin word �supersedeas� means �you shall desist.� In the U.S. court system, an appeals court may issue a supersedeas writ, or order, that stops a lower court from carrying out a monetary judgment upon a defendant pending the outcome of an appeal in a civil matter. This order is also referred to as a �stay of proceeding.�
The trial court that imposed the judgment on the defendant will require the defendant to obtain a supersedeas bond to ensure that there will be funds to pay the judgment if the appeals court rules against the defendant and upholds the trial court�s decision. The required bond amount is typically the amount of the judgment plus additional funds to cover court costs, legal fees, and interest. Under�certain circumstances, an appellant may request that the trial court lower the required amount of a supersedeas bond.
Another purpose served by supersedeas bonds is to deter people from filing frivolous appeals as a delaying tactic intended to put off having to pay the judgment. That is why both federal and state courts, including Florida courts, require supersedeas bonds.
A supersedeas surety bond is categorized as a type of defendant bond and is often referred to as an �appeal bond.�
The trial court, upon receipt of a supersedeas writ from the appeals court, will require the defendant who is appealing the trial court�s decision to purchase this bond. Only appellants will ever need to purchase a supersedeas surety bond.
If the bond is not posted within two week of the trial court�s judgment, the plaintiff can seize the defendant�s property.
There are three parties involved in any surety bond agreement, which is a legally binding contract:
The bond remains in effect until the principal wins the appeal or, far more likely, until the appeal is lost, and the judgment is paid in full. In some cases, this may take years. The trial court will discharge the bond after the judgment, accrued interest, legal fees awarded by the court, and court costs have all been paid.
The premium for the bond is a small percentage of the required bond amount�a percentage that is determined by the surety based on the principal�s personal credit score and financial standing. Supersedeas bonds must also be fully collateralized, up to the full required bond amount. The collateral requirement is due to the low likelihood of the principal winning the appeal and the long period of time that can pass between filing an appeal and receiving a final decision from the appeals court.
If you�ve been ordered by a Florida court to obtain a supersedeas bond, you can trust our seasoned surety bond specialists to get you the bond you need in time to prevent the plaintiff in your case from seizing your property.
