Archive for August, 2011
What is a Lost Title Bond (and when do you need to get one) ?A lost title bond is also known as defective title bond or bonded title. An individual acquires this type of surety bond when the title of his automobile, bus, motor home, motorcycle, travel trailer or truck is lost, defective, stolen or if he bought a custom-made vehicle with no available title. Certain states like California and Texas require a person to submit a lost title bond as proof that he is the rightful owner of the vehicle he wants to register. The bond will protect the issuing agency, the rightful owner or the next buyer of the vehicle in case another title was released to another person who is not the legal owner.
What else do I need to obtain a lost title bond to register my vehicle?It is easy to obtain a lost title bond although it is important for you to know the model, year and the complete VIN of your vehicle. You should also need to have your receipt or bill of payment on the vehicle. Make sure that your name as the rightful owner is correctly written on the lost title bond. BuySurety.com will be happy to assist you anytime if you need a lost title bond to register your vehicle. Just click here to apply for a free no-obligation quote, or call 1-888-999-1376.
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Definition of a Defective Title BondA Defective Title Bond is a surety bond used by individuals when the original title of their property is lost. Property owners can re-establish their ownership and the title of their property through this bond. The process for obtaining a defective title bond is different in every state in the U.S. If the original title of your property is missing, you should obtain a defective title bond immediately to prove that you are the rightful owner. You cannot claim, sell and transfer the ownership of your property unless you have proof. To protect you from any legal problem it is best to get a defective title bond and make sure that the amount is based on the actual appraised value of your property. You may obtain your defective title bond from Buy Surety, a full-service surety bond broker at www.buysurety.com or call 1-888-999-1376.
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Contractor License Bond Requirements in CaliforniaA Contractor License Bond is required in California for the issuance of an active license, reactivation of a license or maintenance of an actively renewed license. This surety bond provides protection to consumers against damages incurred by contractors due to defective construction or any other related license violations. It also protects the construction workers in case the contractor does not pay their wages. If you are applying or renewing your contractor license, you must submit a contractor license bond written by a surety company licensed through the California Department of Insurance. The bond must be written in a form approved by the Attorney General’s Office and the attorney-in-fact of the surety company must sign it. The contractor license bond must have a stated value of $12,500 and it must be received by the CSLB headquarters within 90 days of the effective date of the bond.
Why Do Contractors Need a California License Bond?As mentioned above a contractor license bond is required to California contractors for them to obtain a license and be able to do construction work within the State. CSLB requires any person who charges $500 or more in labor & materials to be licensed. The CSLB Statewide Investigative Fraud Team (SWIFT) conducts a weekly sting operation against unlicensed contractors. Anyone who is caught advertising or performing any type of construction work without a license will be charged with misdemeanor, imprisoned for six months and/or pay a fine of $1000. In order to avoid these problems, it is best to secure a contractor license bond and get a license. Buy Surety is legally authorized to write bonds in California and all other states in the U.S. BuySurety.com can assist you any time with your bonding needs. Just call toll free (888) 999-1376 or CLICK HERE FOR A BOND QUOTE.
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Why are contract bonds important?Contractors need contract bonds to be able to gain the trust of businesses or individuals to secure jobs or projects. Contract bonds guarantee that contractors will perform their jobs or projects for a client as stipulated in their agreement. Project owners feel comfortable when contractors are bonded because they know that they can file a claim to the surety company when the requirements enumerated in the contract were not met. For example, if the contractor failed to deliver a quality service and late in finishing the project, which caused problems to the project owner, the surety will normally conduct investigation and it will pay the contract amount of the project if the claim is true. The Contractor will then reimburse the money to the surety bonding company. Contract bonds are important for both the contractor and project owners to ensure quality service for a particular project.
What are the different types of contract bonds?Contract bonds have seven classifications. These include bid bond, maintenance bond, payment bond, performance bond, site improvement bond, subdivision bond and supply bond. Buy Surety will be able to assist you anytime if you need to secure any type of contract bond. Just call (888) 999-1376 or click www.buysurety.com
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What is a Contract Surety Bond?In commercial industries there are different types of licenses, permits and even bonds which must be obtained depending upon the state and local laws and regulations. Construction projects often require the use of a contract surety bond, which is type of bond, where the company managing the construction project, promises the work will be completed as promised by the contractors performing the work.
A Surety Bond Protects Contract ClientsA construction surety bond involves the use of at least three parties which include the principal, which would be the contractor, the obligee, the person the construction work is being performed for, and the surety, the company which is managing the construction project. In the event the contractor fails to perform the work as required, the bond provides the funding needed to complete the project at the expense of the company managing the construction project while protecting the client. Surety and other bonds are available from Buy Surety including contract, commercial and court bonds.
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