Infographic : Important Steps to Get a Surety Bond Online
The infographic titled, “6 Steps to Apply for a Surety Bond Online” describes the various important steps to avail surety bond online. A surety bond is an assurance by a surety (guarantor) to pay the one party (obligee) a certain amount in case the other party (the principal) fails to comply with the terms and conditions of the contract. With the growing technology, it has now become much easier to apply for a surety bond online. You are just required to follow the below mentioned steps:
- Submit a surety bond application, which should include your basic information (both personal and business details).
- Underwrite and price evaluation. You will be evaluated on three things- credit, experience and finances.
- After you have been evaluated, a surety company will come back with quotes customized for each individual applicant.
- The applicant will require signing an indemnity agreement that states that the principal (applicant) agrees to pay back the full amount of any bond claim filed with the surety company.
- Payment is due upon issuance
- After making the payment, you need to submit the surety bond to the governing authority.
For more details about getting surety bond online, please refer the given infographic.