Sabbatical Leave Bond
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.
What is Sabbatical Leave 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.
How Does a Sabbatical Leave Bond Work?
It's a legally-binding agreement between three parties:
- Principal – The teacher who is going on sabbatical. The principal is financially responsible for any valid claims filed against the surety bond by the obligee.
- Obligee – The principal's employer. The obligee may file a claim for compensation against the sabbatical leave bond equal to the amount paid to the principal, up to the bond penalty amount.
- Surety – The company that backs the bond. The surety guarantees payment to the obligee if the principal fails to settle a claim. However, the principal must promptly repay the surety with interest and fees added to the debt.
Who Needs a Sabbatical Leave Bond?
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.
How Do You Get a Sabbatical Leave Bond?
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.
How Much Does a Sabbatical Leave Bond Cost?
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.
Sabbatical Leave Bonds 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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