Surety Bonds Vs. Letters of Credit

surety bonds vs letters of credit

Surety bonds and letters of credit are both used to manage risk and provide a form of financial guarantee for the people and organizations your business works with. If you’re not sure whether a surety bond or a letter of credit is a better choice for your business needs we’re here to help you understand your options!

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Everything You Need to Know About Oil and Gas Bonds

Oil Gas Bonds

If you own a business that operates in the oil and gas industry you’ve probably already heard of surety and gas bonds. Whether you’ve had experience acquiring a bond before or this is your first time our oil and gas bond guide can help you understand everything you need to know about these types of surety bond.

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How Surety Bonds Benefit Business

How Surety Bonds Benefit Business

Surety bonds can often feel more like an annoyance than something that can help your business, but there may be benefits to bonds that you haven’t thought about! In fact, surety bonds actually have a much bigger impact than the reach of a single bond.

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Immigration Consultant Bond

Immigration Consultant Bond

As an immigration consultant you play an important role in helping people make their dreams of moving to the US come true. You offer the support and understanding potential immigrants need to complete all of the necessary paperwork and submit their application. You help make the process easier by translating forms and gathering supporting documentation. You provide an invaluable service. Unfortunately some unscrupulous people who act as immigration consultants take advantage of this position of power over vulnerable people, that’s one of the main reasons why all immigration consultants are required to obtain an immigration consultant bond.

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Cosmetology School Bonds

Cosmetology School Bonds

Cosmetology school bonds are required in many states if a person or business wants to operate a school that offers training in the cosmetology field. A bond must be acquired and kept active for as long as the school is in operation. You might be wondering why cosmetology school bonds are necessary. They’re actually designed to financially protect the students that attend these schools. Having these bonds in place ensures that a student either receives the tuition they paid for or financial compensation should the school fail to provide the agreed upon education. Let’s take a look at some of the key facts about cosmetology bonds:

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How are surety bonds paid?

How to pay for a surety bond

One of the most commonly asked questions about surety bonds is in regards to the payment terms, after all, expenses and cash flow are hugely important to a business! The first step in understanding how surety bonds are paid is to look at the application process as a whole. To apply for a surety bond you’ll submit a surety bond application with information about your personal and business finances. This information is used to calculate your bond premium. In general, bond premiums range from 1% to 5% of the bond amount for people with good credit and 5% to 15% for those with poor credit.

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Why to choose Viking Bond for your surety bond needs?

Why to choose Viking Bond for your surety bond needs
Surety bonds are an integral part of many businesses, that’s why it’s important to choose a bond company that you can rely on. Viking Bond provides businesses with an easy, affordable, and reliable surety bond service. In addition to our impeccable customer service here are seven reasons to choose Viking Bond:

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