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Surety bonds in South Carolina

Surety Bond SC - South Carolina Capital Building

Viking Bond Service is here to help with all of your surety bond needs in South Carolina. As one of the premier bonding companies in the US we have many years of experience helping business owners in SC get the surety bond they need to operate in the state and help their business grow. Whether you need a commercial surety bond or a contract surety bond our experts can help you secure an affordable bond using our quick and easy application process.

How Does a Surety Bond in South Carolina Work?

A surety bond holds one party (the principal) financially liable for damages caused to another party (the obligee). When the principal does something illegal, unethical, or in breach of contact, the obligee may file a claim against the surety bond for compensation equal to the damages the principal caused. If the principal refuses to pay the claim, the company that underwrites the bond (the surety) will issue a guaranteed settlement to the obligee. However, whenever the surety settles a claim the principal must pay back that debt, plus interest and fees.

Why Are Surety Bonds in South Carolina Required?

Surety bonds in SC have two purposes. First, to encourage the bond holder to follow all applicable rules, regulations, and contractual obligations. Since the principal has liability for damages, they have a compelling financial reason to avoid any behavior that could lead to claims.

The second purpose of South Carolina surety bond requirements is to provide a way for obligees to recover from financial losses caused by the principal. Bonds make the settlement process more streamlined than going through the courts. They also provide a guaranteed settlement for anyone that files a valid claim.

Even though the financial burden of surety bonds in SC falls entirely on the principal, people who are required to get a surety bond receive benefits from it as well. Meeting bond requirements helps to establish trust between two parties and grant legitimacy to the principal. In that way, surety bonds are good for business.

Who Needs a Surety Bond in South Carolina?

Anyone in South Carolina could potentially need a surety bond at some point. They are common for people who need a professional or business license before being authorized to work legally. Surety bonds are a big feature of the construction industry too, where bond requirements help to enforce contractual obligations. Anyone who discovers they need a surety bond in SC should meet that requirement without delay. Count on Viking Bond Service to make that process fast, simple, and straightforward for all.

How to Get a Surety Bond in South Carolina

Businesses in South Carolina can get a surety bond in just a few days when they work with an experienced bonding company. To secure a bond you'll need to complete an application form and pay the bond premium before the surety company can provide your bond. Commercial bonds are the most simple to complete and the application process for these license and permit bonds can be completed online. Contract bonds are a little more complicated and an agent will guide you through the process over the phone. A credit check is required and applicants may also be required to submit some additional documentation in order to get an accurate bond quote, this documentation can include business financial information, and business operating history.

The Cost of Surety Bonds in South Carolina

In addition to the bond type and bond amount there are a number of other factors that determine the cost of a surety bond in SC. You may be surprised to learn that the information submitted with your application plays a key role in calculating your bond premium. The bond company will use your financial history and credit score to determine how likely it is that your bond will be claimed against and whether you could afford to repay the cost of these claims. People with a strong credit score and extensive business experience will pay a lower premium as they are perceived as a lower risk. However, even if your credit score is poor and you're considered a higher risk you'll still be able to secure a bond with the help of Viking Bond Service.

Common Surety Bonds in South Carolina

Viking Bond Service has years of experience securing surety bonds in South Carolina! We can help your business find both common and uncommon contract and commercial bonds:

Commercial bonds are often known as license and permit bonds as they are required as part of the State licensing process for many businesses. There are many common commercial bonds in South Carolina including Lottery Agent bonds, Auto Dealer bonds, and Utility Deposit bonds.

South Carolina contractors will be familiar with contract bonds as they are commonly used in the State's construction industry. There are four main types of contract surety bonds; these are performance bonds, maintenance bonds, payment bonds, and bid bonds. These types of bonds are used as a form of financial assurance for the buying party in a contract, ensuring that they are reimbursed if the contract isn't fulfilled.

Court bonds may be required as part of civil or criminal legal proceedings. All court bonds, from appeal bonds to replevin bonds, hold the principal responsible for following the court's judgement.

One final common type of surety bond works slightly differently than the rest. Fidelity bonds are not required and completely voluntary to obtain. They protect businesses and customers from damages caused by employees. Consider getting a business services bond for general service providers or more specific fidelity bonds like a janitorial services bond or a financial institution bond.

SC Surety Bonds by Viking Bond Service

Viking Bond Service is a leading supplier of surety bonds in SC. Our team is comprised of experienced and friendly staff who can help guide you through the bonding process. Request a quote at any time, and expect to get a response in under 24 hours. For questions: contact us or call 1-888-2-SURETY (1-888-278-7389).

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