How are disputes settled? Who is the arbiter that determines where the money goes in case of missing payments as well?

And considering legal issues with regional law, as the other posters so kindly brought to our attention, how could this be realistically determined to be a bond? Is it registered out in the Indian Ocean territories or something? Or could it also be that "bond" is just a nice term that makes people feel more secure, and there is no legal backing behind the security?

It's hard to know with these things with all of the legal issues and stuff.