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Surety Bonds in New Jersey

Surety Bonds in New Jersey

There are many types of surety bonds in NJ that all serve a different purpose, from ensuring compliance with state regulations to protecting clients from financial losses. Viking Bond Service has been working with businesses in New Jersey to help them find the bond they need for many years. Our experts are here to offer advice and guidance on finding the right bond at an affordable price. Whether you need a commercial bond or a contract bond Viking Bond Service is here to help.

How to get a surety bond in New Jersey

To get any type of surety bond in NJ you’ll need to start the process by submitting an application form and the required supporting documentation to a bonding company licensed to operate in the state. Viking Bond Service offers an easy application process for all bonds. If you’re in need of a commercial bond you can submit the application online. For contract bonds one of our team members will guide you through the slightly more detailed process over the phone. In addition to the application form, you may also need to submit supporting documentation that includes financial information and your business experience. This data, along with a credit check, will be used to provide you with an accurate bond quote.

The cost of surety bonds in New Jersey

There are a number of factors that will affect the cost of your surety bond. Some of the main influences include bond type, bond amount, and your credit history. The information you provided in your surety bond application is used to calculate the risk level of issuing your bond. Many people are often surprised to learn that their credit score is used to calculate their bond premium. Your credit rating is used to assess how likely it is that your bond, which is a form of credit, will cost the surety money. If your credit is good then you are perceived as a low risk and will pay a lower premium. If you have poor credit then you will pay a higher premium as you are considered a higher risk. Viking Bond Service can help you find an affordable bond, whatever your current credit score.

Common surety bonds in New Jersey

Surety bonds generally fall into two main categories in New Jersey and the rest of the US, these are commercial bonds and contract bonds. Viking Bond Service can help you with all of the common as well as the less common surety bonds available in the state.

Commercial bonds are often known as license bonds and permit bonds. These types of bonds are generally required by the state in order to obtain a license to operate specific businesses in New Jersey. Some of the more common commercial bonds include freight broker bonds and wage & welfare bonds.

Contract bonds are most common in the construction industry where they are used as a financial backup for contracts. They help ensure compliance with contractual terms by offering compensation to the wronged party, which has to be repaid by the bonded party, should contract terms not be met. There are four common contract bonds: bid bonds, payment bonds, performance bonds, and maintenance bonds.

New Jersey surety bonds by Viking Bond Service

Viking Bond Service is a leading supplier of surety bonds in NJ. We have many years of experience helping clients in New Jersey get the surety bonds they need when they need them. Call, email, or submit your application online to receive a quote within 24 hours.

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