[ljones190]

We are picking a Banquet Hall for our daughter's wedding and we are also buying office furniture and a pull down Murphy type bed. These are big expenses and the office furniture store wants 50% down payment and the Banquet requires 1,500 down payment and multiple payments due with final payment 5 days before the Wedding day. How can I protect myself from either of these companies if they go out of business and losing all of our monies. We are dealing with established companies but they sometimes go out of business. Can I demand a performance bond from either, assume they would refuse.

Thanks for any help.

[Hunt Law Firm]

It is unlikely that either of these companies would agree to purchase a performance bond unless there is a substantial amount of money involved. However, you may want to ask the furniture company and the banquet hall if they already have insurance in place that protects their customers against these types of incidents. Additionally, you may also want to ask them if there are any state bonding requirements. I am not overly familiar with the furniture or banquet hall industry, but I do have experience dealing with brokers and car dealers, both of whom are required to post a bond with the state to protect the general public.