Title bonds are required in some states to register a vehicle when the original title is lost, stolen, or defective. Title bonds provide a guarantee that the bondholder is the true legal owner of the vehicle.
Contractor bonds are required in most states as part of the licensing process for general contractors and specialty subcontractors such as plumbers, electricians, and HVAC professionals.
Freight broker bonds are required to be eligible for a freight broker license to operate as a freight broker or freight forwarder in the United States. If a broker chooses not to post a surety bond, they have the option to place the total value of the bond into a trust fund by filing Form BMC-85.
Auto dealer bonds are required in most states. to be eligible to obtain an auto dealer license to operate as a new or used car dealer, motorcycle and ATV dealer, or new car franchise dealer.
Notary bonds are required in most states for eligibility for a notary commission to operate as a licensed public notary. The state agency that requires notaries to post a surety bond is usually the local secretary of state.
A surety bond is a legally binding contract between three parties: the principal, the obligee, and the surety company.
It is a financial guarantee to the Obligee on behalf of the Surety that the Principal will complete a service in agreement with the regulations stated in the surety bond.
If you’re looking to obtain a surety bond it’s important to understand what your surety bond cost is and how it is calculated.
North Carolina contractors must get a license to perform various types of work in the state.