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Surety Bonds in Oklahoma

Surety Bond Oklahoma

Viking Bond Service is here to help with all of your Oklahoma surety bond needs. Our knowledgeable and friendly team understands how important it is for your business to get the bond you need to keep your business compliant with both state and federal regulations. We have many years of experience helping Oklahoma businesses find quality bonds at affordable prices. Viking Bond Service is one of the premier bonding companies in the US for both commercial and contract surety bonds.

How Do Surety Bonds in Oklahoma Work?

Surety bonds hold someone (called the principal) responsible for following rules, regulations, and expectations established by either state and local laws or by the terms of a contract. If those requirements are not met, resulting in financial losses for another party (called the obligee), that party may file a claim against the bond seeking compensation.

The company that issues the bond (called the surety) will investigate all claims to prove or disprove the details. A valid claim must be paid for by the principal whose conduct caused the claim in the first place. In the event that the principal can't or won't pay, the surety issues the obligee a full settlement up to the surety bond penalty amount.

Surety bonds guarantee a settlement to anyone that files a valid claim. They also guarantee the principal will be held liable for damages they cause because that person must repay the surety for any claims it settles, with interest and fees included in the debt. If someone does not repay that debt, their bond coverage lapses and they face potential lawsuits.

Who Needs Surety Bonds in Oklahoma?

From Oklahoma notary publics to Oklahoma motor vehicle dealers, lots of people in the Sooner State must get surety bonds. Entrepreneurs and professionals often need to get surety bonds before they can get a license to operate legally. Contractors may need one kind of surety bond to get a license and need other kinds of surety bonds to finalize contracts with customers. Oklahoma surety bond requirements may be involved anytime one party needs to establish trust in another (by making them liable for damages).

How to Get a Surety Bond in Oklahoma

Securing a surety bond in Oklahoma is a quick and easy process when you work with an experienced surety bond company like Viking Bond Service. The application process depends on the type of bond your business needs. For commercial bonds the simple process can be completed using our online application form. For contract bonds, which are a little more complex, one of our bond agents will guide you through the application over the phone. Both types of bonds require a credit check and may also require you to submit supporting documentation such as your business experience and financial information. This information will be used to calculate your bond quote.

The Cost of Surety Bonds in Oklahoma

There are many factors that influence the cost of a surety bond. The main factors that can affect cost include the bond type and bond amount. Many people are also surprised to learn that their personal credit history and business experience also play a significant role in determining the cost of the bond. This is because the bond cost is based on the risk the bond poses to the surety underwriting the bond, which means the chance that the bond will cost the surety money. Strong business experience and high credit scores are indicators to the surety that your bond is a lower risk. Viking can help people with all credit histories secure the right bond.

Common surety bonds in Oklahoma

There are several main types of surety bonds in Oklahoma: commercial bonds, contract bonds, court bonds, and fidelity bonds. The Viking Bond Service team has a long history of experience helping Oklahoma businesses secure all types of surety bonds.

Commercial bonds are also known as license and permit bonds, as state and federal regulations often require them as part of the business licensing process. Some of the most common types of commercial bonds in Oklahoma include oil and gas bonds and auto dealer bonds.

Contract bonds are frequently used in the construction industry. They provide a security umbrella for contracts by providing financial compensation should the contract terms not be met. Contract bonds can cover all types of contract terms, from goods to be provided to work that is due to be completed. Common bond types include payment, performance, and maintenance.

Court bonds are a tool that judges use to hold the participants in civil or criminal trials liable for following the court's final ruling. If, for example, a judge orders one party to turn property over to another, court bonds create an obligation to comply or face financial penalties. Court bonds are also a common requirement for people serving in a court-appointed role, such as the executor of an estate.

Fidelity bonds are different from other surety bond types because they are voluntary to get and function like a form of insurance. If a business owner (or their customers/clients) faces financial losses because of fraud, vandalism, or other misconduct committed by an employee, a fidelity bond pays for the losses. Since this is a simple and reliable way to protect against a common business risk, many business owners see fidelity bonds as a worthwhile, even necessary expense.

Do You Need to Renew Surety Bonds in Oklahoma?

Surety bonds need renewal when the requirement to have bond coverage lasts longer than the coverage term. With license bonds, for example, the bond must remain active and in good standing for as long as someone has a license, but the coverage term on that bond only lasts 12 months in most cases. It needs to be renewed annually before it expires, which is as simple as undergoing a credit check and paying an updated premium price.

Oklahoma Surety Bonds by Viking Bond Service

Viking Bond Service is here to help with all of your Oklahoma surety bond requirements. As one of the leading bonding companies in the US we have an experienced team who is here to make it quick and easy to get you the bond you need at an affordable price. Need a bond now? Request a quote to get a response in under 24 hours. Need more info? Contact us or call 1-888-2-SURETY (1-888-278-7389).

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