Legal Question in Business Law in Illinois

Re: Bond forfeiture

In Illinois, bonds can be posted to ensure performance under a wide range of situations. Generally, a bond forfeiture hearing is set when a party who has posted a bond has fail to perform the act for which the bond was posted. The party alleging the failure to perform will have the burden of showing that the performance did not occur. Once that burden is met, then the party that posted the bond (and who is obligated to perform) will have the opportunity to show why the performance is excused. If the party entitled to receive the performance is successful in showing failure to perform and the party who posted the bond cannot show an acceptable reason for failing to perform, then the bond will be surrendered to the party entitled to performance.