Surety bond requirements apply to many people across Indiana for many different reasons. But in all cases, it's important to obtain the required bond sooner rather than later. Read on to learn all the basics about surety bonds in Indiana.
Surety bonds are financial agreements between three equal parties:
Now that you know who's involved, we can outline how surety bonds work:
There are many different surety bond types, but all of them serve the same purpose. First, by holding the principal financially accountable for misconduct, surety bonds create an incentive to act in accordance with the law or a contractual agreement. Second, by guaranteeing settlements to obligees, surety bonds ensure that victims can seek out justice in the form of compensation.
Some people need them to get a professional or business license. Others need them to finalize a work contract, especially in the construction industry. Surety bonds may also play a role in court cases, or any situation where one party needs to trust another. If surety bond requirements ever apply to you, rely on Viking Bond Service to help you fulfill them — quickly, easily, and affordably.
The process may vary depending on the type of surety bond. Some have more demanding requirements than others. However, most will only require the following steps:
The surety will then quote a price for the surety bond. Upon payment, the bond becomes active, and the surety provides documentation proving as much.
Bond costs are unique to the individual, meaning two people may pay different prices for the same bond. The cost of a surety bond depends on the size of the bond and the credit standing of the bond seeker. Prepare to pay a small percentage of the bond total, with prices climbing higher as credit scores drop lower.
It depends on the bond. Some require indefinite renewal (usually on an annual basis) while others expire after a set period. To renew a bond, the principal will need to undergo another credit check and supply updated information about their business or personal finances. Based on that information, the surety will calculate a new premium price, which could be higher or lower than before if someone's credit standing has declined or improved respectively.
For people wondering how to get bonded in Indiana, the answer is simple: partner with Viking Bond Service. We are a nationwide surety agency that issues a wide variety of surety bonds. We already work with people throughout the Hoosier State, and we are eager to earn your trust and loyalty as well. When you're ready to explore bonding options, request a no-cost, no-obligation quote from us at any time. Or rely on our team for answers and information about all your bonding needs. Please call us at 1-888-2-SURETY (1-888-278-7389) or contact us at your convenience.
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