If you plan to submit a bid to perform construction work, you may need to obtain a bid bond as well. Many project owners require it. And without proof that you have the right surety bond, there’s no chance of winning the job. This is your guide to bid bonds.
If you plan to open a brewery, liquor store, bar, or any other business involved with alcohol, you may need an alcohol surety bond. Here are the quick answers to all your most important questions:
What is an Alcohol Surety Bond?
Bonds hold you responsible if you break state rules for alcohol-related businesses. States use them to maintain oversight over the alcohol industry and hold offenders responsible. You will need to obtain a bond, and you will need to pay claims filed against the bond. If you don’t, you will lose your liquor license.
If you need a commercial surety bond, here’s a quick introduction:
What Is a Commercial Surety Bond?
This type of bond is a way to guarantee one party (the principal) in a commercial arrangement meets their obligations to another (the obligee). Those obligations could include following law and regulations, meeting fiduciary responsibilities, or abiding by contractual obligations. When necessary, the obligee is allowed to file a claim against the bond seeking compensation. The company that issues the bond (the surety) agrees to pay if the principal doesn’t, but the principal (you) must reimburse the surety in full.
Anyone involved with buying and selling yachts likely needs to obtain a yacht broker surety bond before doing any deals. Here’s an easy overview of this important business requirement:
You need a license to become a car dealer, and you need an auto dealer bond before you can get a license. A bond is basically a way to hold you financially accountable if you break state laws. Fortunately, getting through the auto dealer bond process doesn’t have to be difficult as long as you know what to do:
Some surety bonds expire, whereas others continue on indefinitely until the principal (you) becomes “released.” If you’re required to have a bond, use this quick guide to help understand your obligations:
Have you ever wondered about the differences between the various technical terms used in the surety bond industry? Here is our easy guide to surety bond terminology so you can understand the ins and outs of what’s being said.