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Surety Bonds in Arizona

Surety Bonds in Arizona

Viking Bond Service is an experienced Arizona surety bond provider. Our knowledgeable team can help your business get an affordable surety bond quickly. As one of the leading bonding companies in the country, we offer expert advice in all types of surety bonds including those required by state legislation. Whether you're looking for commercial bonds or contract bonds, the Viking Bond Service team is here to help.

How Does a Surety Bond in Arizona Work?

A surety bond is a financial agreement made between three distinct parties:

  • The principal is the person required to get a surety bond in Arizona. The surety bond makes the principal financially liable for all valid claims filed by the obligee against the bond. No matter what, the principal must eventually pay for claims.
  • The obligee is the party that requires a surety bond and decides the terms. If the principal fails to follow those terms, the obligee may file a claim against the bond for damages.
  • The surety is the agency that issues surety bonds to the principal and guarantees payment to the obligee. If the principal either can't or won't settle a valid claim, the surety steps in to pay. However, the principal must pay that debt back to the surety with interest and fees included in the total amount.

Here's an example of how a claim against a surety bond works:

  1. A motor vehicle dealer (the principal) sells someone a vehicle with the odometer rolled back.
  2. The vehicle buyer (the obligee) then files a claim against the surety bond seeking compensation equal to the sale price of the vehicle.
  3. The surety investigates the claim to confirm that everything checks out, then settles the claim in full.
  4. Finally, the surety works to collect the settlement amount from the motor vehicle dealer who caused the claim in the first place and accepts liability for it under the surety bond agreement.

Who Needs a Surety Bond in Arizona?

Surety bonds are an effective way to regulate industries and enforce compliance with contracts. Therefore, they're a common part of many business agreements and credentialing requirements. Someone in Arizona may need a surety bond to finalize a contract or to secure a professional license. They might need just one bond, one time. However, they might also need to keep a surety bond active their entire career, or secure dozens of bonds over a matter of years.

There can also be Arizona surety bond requirements related to court proceedings. Another example is people needing a bond to put on special events that require a permit. It's not always obvious or expected who will need a bond or why – but it's always important to meet Arizona surety bond requirements ASAP. Rely on Viking Bond Service to help you make sense of surety bond requirements and meet those requirements fast. Don't hesitate to contact us with any of your questions.

How to Get a Surety Bond in Arizona

To get a surety bond in Arizona you'll need to complete an application. Simple bonds like permit and commercial bonds can be applied for using our online form. If you're looking for a contract performance bond you can speak to one of our expert contract bond agents who will guide you through a more comprehensive application process. Contract performance bonds require more supporting documentation with the application to enable the team to produce an accurate quote and underwrite the bond. Using a bonding company like Viking Bond Service makes getting a bond quick and easy.

The Cost of Arizona Surety Bonds

Many factors can influence the cost of a surety bond in Arizona. When determining your bond quote Viking Bond Service will take into account the bond type, bond amount, and the risk level your bond poses. To calculate your bond premium the documents supplied with your application will be examined to see how experienced and financially secure your business is. This information is used to establish how likely it is that your bond will be claimed against. This means that people with stronger financial records generally pay lower premiums as their bond is seen as a lower risk. Viking Bond Service can help individuals with all credit histories secure the surety bond they need.

Common Arizona Surety Bonds

Viking Bond Service specializes in all types of Arizona surety bonds. There are many types of surety bonds required within the state. These bonds fall into a number of categories with two of the most common being commercial bonds and contract bonds.

  • Commercial bonds, which are often legally required by state regulations, are also known as permit and license bonds. Many businesses, such as bars (liquor bonds) and car dealers (auto dealer bonds), need to have a commercial bond in place in order to legally do business in the state.
  • Contract bonds provide a guarantee that the terms of a contract will be fulfilled to the required standards. They are frequently used in the construction industry to ensure that building projects are completed to specifications and that goods are supplied in accordance with time and quality specifications. Arizona surety bonds that fall into the contract bond category include bid bonds and performance bonds.
  • Fidelity bonds help protect a business and its customers from illegal or inappropriate behavior committed by employees. In most cases, fidelity bonds aren't required. Businesses seek them out voluntarily as a way to cultivate trust and credibility with consumers and guard against the unpredictable risks posed by employees. Common examples include dishonesty bonds and janitorial services fidelity bonds.

Arizona Surety Bonds by Viking Bond Service

Viking Bond Service can help with all of your Arizona surety bond needs. Our team makes the surety bond application process quick, easy, and efficient. To request a quote call, email, or use our online application form. We aim to provide Arizona surety bond premium quotes on the same day that the application is received. Get the bond you need when you need it with Viking Bond Service!

Request a Surety Bond Quote:

We return most bond quotes within 24 hours, and you can get the process started anytime! Our online application is available 24/7 for you to complete. We also have a team standing by to address any questions or issues you may have - before, during, or after you apply for a bond. Call us at 1-888-278-7389 or contact us at your convenience.

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