What is an Attorney-in-Fact and Power of Attorney?
Most surety companies distribute surety bonds through the independent agency system. When a contractor or subcontractor needs a bond, the first step is to contact a surety bond producer, also know as an agent or broker. The producer generally is given Power of Attorney, i.e. the producer is authorized to sign bonds on behalf of the surety company for projects that fall within acceptable ranges established by the surety company. The Attorney-in-Fact is the holder of the Power of Attorney.
Related Questions
- If the beneficiary has appointed an Attorney-In-Fact under a Power of Attorney, or had a Guardian/Conservator appointed by a court of competent jurisdiction, do I need to submit proof?
- What are the Duties of an Attorney-in-Fact Appointed Pursuant to a Minnesota Power of Attorney?
- Who may be a health care "attorney-in-fact"?
