Promises, Promises
When two parties offer one another assurance that what they expect to happen will actually transpire, a number of time-tested options present themselves. One such option is to offer something of substantial value as security. This may take the form of earnest money on deposit with a third party, or a tangible asset, like real property or jewelry, held in trust. Another alternative is to put up a home, business, boat, or vehicle as collateral. For some purposes, a surety bond or performance…