In you’re a supplier or contractor in the construction industry you’re probably already aware of supply bonds. Whether you’ve heard of or been named on a one before it’s always a good idea to make sure you fully understand what being part of a supply bond means for your business. Let’s take a look at the basics:
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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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Commercial bonds are surety bonds that cover a wide range of industries. Businesses are often required to maintain an active commercial bond by state legislation.
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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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At Viking Bond Service one of the questions we’re most commonly asked is, “do surety bonds expire?” The simple answer is yes, but most types of bonds need to be renewed to run for another term (the coverage period of a bond). Bonds generally run year to year.
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You may have heard about surety bonds but aren’t really sure what they are… Many people get confused between bonds and insurance but although they appear similar they can have very different implications for both businesses and consumers. Below you’ll find everything you need to know to understand the difference between surety bonds and insurance. Continue reading “Surety Bonds vs. Insurance”
Surety bonds are used to manage the contract risk for construction projects, satisfy licensing requirements, and other applications. But what does that mean for your business? Learning the basics about surety bonds can help you understand why a surety bond would be required and how they work.
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If you’re an auto dealer in California you probably have some questions about auto dealer bonds! Viking Bond Service is here to help. Let’s start with some quick facts:
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Businesses are often required to purchase surety bonds to operate. Surety bonds are generally issued by surety companies. However, it’s common to apply for a surety bond through a broker or surety bonding agency.
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