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WHAT DOES BEING BONDED MEAN?

 
Anonymous Coward
User ID: 451294
United States
06/18/2008 10:26 PM
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WHAT DOES BEING BONDED MEAN?
Im applying for a job where it states ability to be bonded... what does that mean and how would they do that.
LS

User ID: 437351
United States
06/18/2008 10:31 PM
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Re: WHAT DOES BEING BONDED MEAN?
“The concept of employee bonding is really an insurance matter relating to the employer’s efforts to protect itself against wrongful acts by its employees. In industries where employees have direct access to money or to property, the employer will often be keen to protect itself against the impact of employee theft.

Also, certain businesses will be required by their customers to provide proof that they are bonded. For instance, customers of commercial cleaning companies might demand the cleaners be bonded. This provides both peace of mind (that the cleaners are trustworthy) and financial protection in the event of theft.”

The employer asking this question on an application form wants to ensure that the applicant does not have a criminal background including fraud and theft. However, as Mr. Smithson points out, employers must adhere to a Personal Information Protection Act, currently in force in many provinces in Canada including Quebec, making it difficult for employers to collect personal information unless they can demonstrate a reasonable need for gathering this information. In Quebec the act goes by the name An act respecting the protection of personal information in the private sector.

Although the question may appear on an application form, it doesn’t necessarily apply to all jobs. According to www.faqfarm.com:

“In most job situations, it (being bondable) 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.”

If you have never been charged with fraud or theft, then you can safely answer ‘Yes’ on an application form that asks, ‘Can you be bonded’. If, however, you are uncertain of whether that question relates to the job you are applying for, why not speak to someone in Human Resources who can clarify that for you?
[link to working.canada.com]
Anonymous Coward
User ID: 337472
United States
06/18/2008 10:32 PM
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Re: WHAT DOES BEING BONDED MEAN?
From my experience, it means that you have insurance coverage of some sort to cover liability for the work you do.

Why don't you provide more information as to what job you have applied..??

If you have never heard of the term, it inherently implies you are not bonded so you probably would not get the job anyways, but not super sure.
Anonymous Coward
User ID: 387868
United States
06/21/2008 08:08 PM
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Re: WHAT DOES BEING BONDED MEAN?
It means you've been caught by James Bond oo7. "Bonded"
Anonymous Coward
User ID: 455997
United States
06/21/2008 09:00 PM
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Re: WHAT DOES BEING BONDED MEAN?
iT'S INSURANCE

Pretty much like a bail bond.

So even if you don't won't or can't pay (skip town)the bonding company can be held responsible but it really depends on the contract.
Anonymous Coward
User ID: 455997
United States
06/21/2008 09:05 PM
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Re: WHAT DOES BEING BONDED MEAN?
Let me reword that it's added insurance that covers what the insurance company wont.

Stupidity,Negligence, design flaws...

For property damages.
Anonymous Coward
User ID: 455670
United States
06/21/2008 09:10 PM
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Re: WHAT DOES BEING BONDED MEAN?
it's to cover if you mess up on the job.

you pay.
Anonymous Coward
User ID: 455997
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06/21/2008 09:20 PM
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Re: WHAT DOES BEING BONDED MEAN?
it's to cover if you mess up on the job.

you pay.
 Quoting: Anonymous Coward 455670

Yes that's true because you still have to pay the bonding company. It's almost like they are agreeing to be liable to a certain extent for an up front fee.