When it comes to taking time off, the academic world has its own unique option known as a sabbatical. This allows educators to take an extended leave of absence from teaching to focus on other pursuits, whether personal or professional. In some cases, however, their employer or school may first require them to get a sabbatical leave surety bond.
Someone on sabbatical typically earns some or all of their salary while they are away. This is allowed on the contingency that they return to teaching once their sabbatical ends. If a teacher does not return to their original employer, the sabbatical leave surety bond holds them liable to pay back the salary paid during this time. Like all other surety bond types, this one is designed to discourage a certain behavior by holding someone accountable for the financial losses that result.
It's a legally-binding agreement between three parties:
That is up to the obligee to determine. Some schools require teachers to obtain a sabbatical leave surety bond while others don't. Whenever this surety bond requirement comes up, rely on Viking Bond Service to make getting a bond easy, fast, and affordable.
It starts with an application process. Bond seekers will need to complete a standard application, undergo a credit check, and, in rare cases, provide additional documentation to the surety. Applying usually takes just minutes. Within 24 hours, the surety will return a quote for the cost of the surety bond. Coverage goes into effect upon paying the premium.
A sabbatical leave surety bond will have coverage limits equivalent to the amount of salary someone is expected to be paid during a sabbatical. The cost of the bond is a small percentage of the coverage limit, and costs will be higher or lower depending on the bond seeker's credit. If bad credit makes obtaining a bond more challenging, you can get help through the bad credit surety bond program from Viking Bond Service.
Getting a bond doesn't have to be a burden. Request a quote from Viking Bond Service. Or get all the information and answers you're looking for by contacting us or calling 1-888-2-SURETY (1-888-278-7389).
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