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Surety Bonds in North Dakota

If you need to get a North Dakota surety bond, you first need to get good information. Knowing how the bond works and what the bond agreement means can only help you later on. Viking Bond Service covers all the basics on this page.

How Do Surety Bonds in North Dakota Work?

A surety bond makes you liable for damages you cause to the other party in the surety bond agreement. If you do something illegal, unethical, or in breach of contract that results in damages, the victim may file a claim against the surety bond for compensation. If you then elect not to pay that claim, the surety that issues and underwrites the bond will settle it. After paying, however, the surety will focus on collecting the payment amount from the bondholder who has liability for it. In short, all surety bond types help hold someone accountable for potential misconduct while giving victims of any malfeasance a streamlined way to collect damages.

Different Types of Surety Bonds in North Dakota

These are the four main types of North Dakota surety bonds:

  • Commercial – You need a commercial surety bond to get certain types of business and professional licenses.
  • Contract – A contract surety bond holds you liable if you are in breach of contract. These are common in the construction and contracting industries.
  • Court – A judge may require someone in a criminal or civil trial to get a court bond that makes them accountable for following the judge's final decision.
  • Fidelity – Fidelity bonds protect a business and its customers from damages resulting from employee theft or property damage. They are voluntary unlike the other types of surety bonds that are required by law.

Who Needs Surety Bonds in North Dakota?

Surety bonds requirements factor into many kinds of formal agreements. You may need a surety bond before you can get a license to start a specific kind of business (like a motor vehicle dealership) or become a specialized professional (like a mortgage lender). Many contracts in the construction industry, especially on commercial and public works projects, require surety bonds. If and when you need to get surety bonds in North Dakota, Viking Bond Service is your source.

How to Get Surety Bonds in North Dakota

Getting most surety bonds takes just a few simple steps:

  1. Complete a bond application
  2. Submit to a credit check
  3. Provide additional documents (when required)
  4. Pay the bond premium

You will receive documents proving you have the required bond coverage after you've paid the premium.

Cost of Surety Bonds in North Dakota

The cost of a surety bond depends on your credit standing. Bonds typically cost a small percentage of the total coverage amount, but the cost goes up because of low credit scores and/or a spotty financial history. Viking Bond Service offers a bad credit surety bond program to help people with credit issues get approved for the bonds they need.

Renewing Surety Bonds in North Dakota

Commercial bonds and some others need to be renewed annually, which will involve a credit check and paying an updated premium price. Underwriters will update the price to reflect changes to your credit over the previous 12 months – it will go up or down in line with your credit standing. If your bond requires renewal, be sure to budget for the renewal cost. It's also important to keep in mind that you can keep your premium from going up by keeping your credit strong.

Viking Bond Service for Surety Bonds in North Dakota

People all over North Dakota make Viking Bond Service their preferred bond partner. We take the hassle, confusion, and inflated costs out of bonding, going the extra mile for everyone we serve. How much would the bond you need cost? Request a quote to get the answer in 24 hours. Have more questions? Contact us or call 1-888-2-SURETY (1-888-278-7389).

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