What Will I Need To Get a Surety Bond? Aug10


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What Will I Need To Get a Surety Bond?

The term getting bonded is normally misused in relation to getting various kinds of bonds like an advance payment bond. The majority of the public and there are even a lot of business owners don’t understand what bonds are for. Get bonded is usually a term that refers to fidelity bonds or license bonds. The bond you need will vary, depending on the occupation that you have and who will require the bond.

Did you just find out that your business requires a surety bond? You might want to visit drsbonds.co.uk for more information about surety bonds. But if you have never been through this process before then you might not know what you would need to be bonded. One thing that you can be assured of is that it is a pretty simple process and the process will mostly depend on the kind of bond that you need. Listed below are the important components of your application for a surety bond.

  • You are going to be asked to provide details that appear on the bond. This normally refers to the name of your company and the address which appears on the license and/or the contract that you have. You need to make sure that this information will be consistent with what appears on the Articles of Incorporation and the filings that you have listed on the state of incorporation.
  • Because you are the owner of the company, you will also need to provide your SSN, birthday and address. If you happened to be married, then you will also need to provide the information of your spouse. Any owner that owns more than 10% of the company will need to give this information.
  • The next information will be the information of the Obligee or the entity that is asking you to get the bond. It should include the name, address and the type of bond they are asking you to get. The amount of the bond should be included too.
  • A personal financial statement will be asked from individuals that own more than 10% of the company. Business financials could also be required and it is preferred to have one that has been prepared by a CPA, although other forms will also be accepted.
  • Your credit report will have a big role on the rate that will be approved. So it would be a good thing for you to know what is in your credit report. Make sure that there are no mistakes in it and do what you can to get rid of the negative information that might be in your report.
  • You will also be asked for the bond form, which is a legal document. The obligee will be the one to provide this and it will contain the bond requirement.

Those listed above are normally included in surety bond applications. So it is better to be prepared and have this information ready. Going in prepared will allow you to get bonded easier. But there will be instances when additional clarification might be needed. If you are looking for places to apply for surety bonds, you could also check out drsbonds.co.uk.