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.
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.
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:
If you’re planning to apply for a state license to operate your business you may be surprised to find out that you need a surety bond! In many cases these commercial bonds are required as part of the business license application process. We’ve picked out five of the less well-known bond types below:
If you’re a used car dealer in New York State your surety bonding requirements are about to change! Thanks to the New York Assembly Bill 8166 the state is about to bring in key changes that used car dealers need to be aware of. Although the bill passed in 2016, its influence will only begin on March 28, 2017, when the bill comes into effect.
In many states, the use of subdivision bonds is increasing. If you’re a contractor, property owner, or developer you should learn the basics of these bonds to ensure you know what they mean for your businesses development projects.
In most states, if you’re involved in the sale or distribution of alcohol you’ll need to know about alcohol bonds.
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.