If you are required to get a surety bond in Delaware, you likely have questions. We have the answers. Learn everything you should know before signing a surety bond agreement in the quick guide below.
A surety bond is a legally binding agreement designed to hold one party accountable for damages caused to another party. There are actually three parties involved:
There are four main surety bond types:
Anyone may potentially need a surety bond in Delaware. They are common in the construction industry and a fact of life for many entrepreneurs and professionals. However, even people who don't fall into one of these categories may need a Delaware bond at some point in their life, especially if they have credit issues. It never hurts to know how to get a surety bond and where to go for help. Call on Viking Bond Service to satisfy any surety bond requirement that comes up.
The specifics depend on the type of bond and the coverage amount. Bigger bonds require more scrutiny. For most, though, there are only a few requirements to apply for a surety bond:
The surety will quote a cost of the surety bond based on the application documents. Now just pay the quoted premium price to activate bond coverage and fulfill the bond requirement.
Costs depend on three factors: the type of bond, the size of the bond, and credit. For most types of bonds, the cost is a small percentage of the size that gets more expensive as the bond seeker's credit worsens. We offer a special program to help more people with bad credit get approved for bonds at fair rates.
Contract bond terms are tied to the duration of the contract. Commercial bonds work differently, though. Since they are a condition or licensure, they need to remain active and in good standing as long as the bondholder has a license. Lapsed bond coverage could invalidate that license. That's why it's important to renew regularly (usually annually) by going through another credit check and paying an updated premium price. The surety will provide early renewal notification, but be careful to budget for the renewal cost.
Get any kind of surety bond from anywhere in Delaware through Viking Bond Service. Request a quote at any time to get multiple competitive offers within 24 hours. For more information and questions, contact us or call 1-888-2-SURETY (1-888-278-7389).
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