A Private School Bond is a type of license and permit surety bond. The bond is required of some organizations intent on operating a private school and collecting tuition. The bond is required at the state government level.
Private school bond amounts vary. The bond amount may be determined by the number of locations and by estimates of the total prepaid, unearned tuition and fees held by the school for a set period of time. The state agency will either dictate the required bond amount or provide a way to calculate the correct amount.
Private school bonds are required to provide a form of protection for the student's prepaid, unearned tuition and fees. The bond provides a form a guarantee that the school will provide the agreed upon services in exchange for the tuition paid. The bond provides a path or recourse for those who have incurred a loss due to the school's breach of contract and inability or unwillingness to provide the agreed upon services.
Viking can typically quote a private school bond the same day or within 24 hours of receiving the surety bond application and any accompanying documentation. The turnaround on these bonds is usually fast. A Viking agent will let you know exactly what may be needed to get the best quote.
A Performance Bond may be required to bid for, or accept a contracted job. Learn about Performance Bonds here.