Auto dealers are a big part of the transportation industry and our society at large, providing the bridge between auto manufacturers and consumers. This crucial part of our economy and culture carries with it a large responsibility, so auto dealers must adhere to local laws and regulations and follow ethical business practices. Motor vehicle dealer surety bonds provide assurances that dealers will behave legally and ethically.
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Freight brokers are an important force in the American economy, helping connect shippers of products with carriers to make sure that deliveries are made, keeping the world going round and round. In order to become a freight broker and join this group of crucial service businesses, you need to obtain a freight broker bond.
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In many states, from the day contractors receive their licenses, they have to be bonded. They must also secure surety bonds for many projects they take on.
This guide will serve as an introduction to what kinds of surety bonds you will need as a contractor, when you will need them, how much they will cost, why you need them, and how to get them.
Continue reading “Viking Bond – Contractors Bond Guide: A Surety Bond Guide for The Construction Industry”
Surety bonds come in many types, many sizes…and many prices, ranging from as little as $100 to thousands of dollars. So, what determines the cost of a surety bond ? Well, a number of factors.
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Personal credit is one of the most crucial elements of securing a surety bond and setting the price for a bond. For some bonds, such as Mortgage Lender Bonds and Mortgage Broker Bonds, credit score is the primary factor in determining approval and bond rate. Here is some information on credit scores, and how they affect one’s application for a surety bond.
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What Are License Bonds?
License Bonds are commercial surety bonds that government agencies require business owners to obtain before the business owners can be legally licensed in certain industries, such as insurance brokering, mortgage lending, and construction.
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In order to bid for and then perform a construction project, you will likely need three bonds: a bid bond, a performance bond, and a payment bond. These three contract bonds work hand in hand to provide security for several parties involved in construction contracts.
Continue reading “How Bid, Payment and Performance Bonds Work Together”