A Libellant’s Cost Bond is necessary when a libellant undertakes action against another party under Admiralty Law. The Libellants Cost Bond guarantees the payment of all court costs that may be awarded.
A surety bond protects the party requesting the bond, the Obligee, against any financial losses as a result of poor financial decisions, damages, unethical decisions, or a failure to follow state and local laws on the part of you, the Principal. The Libellant’s Cost Court Bond holds you accountable for your decisions.
By possessing a Libellant’s Cost Court Bond, you are telling your Obligee that you can be trusted as a Principal and that you stand behind your decisions.