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What is a Bond? |
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Bond is simply a written agreement wherein one party called a Surety or Bond Co., obligates itself to a second party, called the Obligee or Beneficiary, to pay for the default of a third party, called a Principal.
There are many types of Bonds:
- Sales Tax
- Utility Deposit
- Contractor License
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To name just a few, Bonds should not be confused with Insurance, they are not the same.
How do I get a Bond?
You need to fill out an application with a Bond Co., they will check your credit, if you have a good credit you will given a preferred rate, if you have a blemished credit record you may be charged a higher rate or not be able to obtain a bond at all.
If a Bond Exceeds $10,000, a Business Financial Statement may be required as well as a Personal Financial Statement.
If you decide to apply for a Bond, you will need a Financial Statement. Click below on one of the applications, one is for personal and one is for business. This will save you time when you apply. You then simply contact us, we will send you the application form for the Bond you are applying for.
We can provide you with any of the forms needed to apply for a Bond. You can obtain the forms by email or fax. Simply fill in below and hit submit, there is no obligation.
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