Court Bonds and Bad Faith Patent Suits

Written by JoAnn Smith on March 24th, 2014. Posted in Bond Types, Commercial Bonds, Court Bonds, Latest News, Legislation, Maine, New Hampshire, Surety Bond Blog, Virginia

     court bonds, patent suit
Patent suits get new court bond rules
It appears that when patent suits are brought before a court, the most common accusation is one of “bad faith” between parties. Because of this, three states are currently looking at legislature that will require parties that bring these types of accusations to court to provide a court bond to cover the amounts due if the accusation should prove false or they are unable to provide the needed facts. Each state has a somewhat different approach to the problem of “bad faith” accusations for pending patents between parties, but all three states will require the posting of a court bond in order for the lawsuit to proceed.

Maine and Bad Faith Assertions

Maine Senate Bill 654 will require that any bad faith accusations regarding patent infringement be prohibited. If the Maine court decides that the lawsuit is in violation of the law, they will require the accuser to post a court bond of not more than $250,000. This bond will cover the costs of bringing the suit to court and any amounts that will need to be recovered in connection with the patent lawsuit.

New Hampshire Court Bond

The legislature in New Hampshire is in the process of passing a similar bill, New Hampshire Senate Bill 303, which will also require bad faith lawsuits involving patents to post a court bond. Although the court could in this case waive the requirement for posting a maximum $250,000 court bond if the person can prove they have the assets for the case, in many other respects this bill is similar to the one currently being considered in Maine. It would prohibit “bad faith” cases for patent protection if they deem them frivolous or unlikely to be proven. The bond will ensure the court that the case is serious and most likely provable in a court of law.

Virginia Court Bonds for Patent Cases

A “bad faith” case for patent protection will need to be backed up with a court bond in Virginia as well, if the current legislation for Virginia House Bill 12 is passed. As with the other two legislative bills, Virginia’s bill will require that anyone bringing a patent infringement case before the courts will need to show they have the necessary financial backing to pay damages should their case prove unsuccessful. In this case, as with the other bills, a court bond for no more than $250,000 will need to be posted before the trial can commence.

Court Bonds Play Important Role

Although most of us have good reason to believe we will never have to come up with a court bond, the legal and financial world has become much more complex in the last couple of decades. Often cases that should seem simple will require the posting of a court bond to ensure everyone involved can proceed to the logical conclusion of the case. If you can foresee the need for a court bond in your personal life or business life, you will be happy to know that BuySurety can provide you with a court bond in a timely manner and for less than you would expect to pay. Contact our informative customer service representative today to find out how easy it is to qualify for a court bond tomorrow.

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Performance Surety Bonds Protect Customers in New Hampshire and Maine

Written by JoAnn Smith on March 21st, 2014. Posted in Contract Bonds, Latest News, Maine, New Hampshire, Non-Construction Contract Performance Bonds, Performance Bonds, Surety Bond Blog

     performance surety bonds.
Even cruise ships need performance surety bonds
Performance surety bonds will play a large part in protecting consumers from poorly performing companies in New Hampshire and Maine in the coming year. Although the use of performance bonds is a big part of many construction projects, in these particular cases the bonds are to protect local ferry cruise passengers and customers who pre-buy home heating oil. Legislative changes in Maine and pending legislature in New Hampshire will bring surety bonds into play to ensure that when consumers put their hard-earned cash down for services, they don’t need to worry about the company being unable to reimburse them if they can’t deliver. This type of “play or pay” performance bond should go a long way in both protecting customers and ensuring companies required to carry the performance bonds have the ability to deliver what they promise.

Portland Maine Ferry Cruise to Run Smoothly

In the summer months, tourists and residents alike have in the past had the ability to take a ferry cruise from Portland Maine up into Canada’s Nova Scotia coastal towns. The cruise created crucial tourist income for many towns along its eastern coastal route. It also helped locals to travel between the two destinations with ease by having ferry capabilities and cruise ship like amenities. However in 2004 that service ended and a new ferry cruise ship was commissioned to run out of the Portland Maine harbor. Holding up the ability to sell tickets was the very important permission from the U.S. Federal Maritime Commission regarding the approval of the cruise company’s performance bonds. With the authorization of these surety bonds the company has announced it will begin to make the $79 one-way tickets available to the public. The bonds ensure that the company will have the financial ability to refund tickets if for any reason the ship cannot venture such as in the case of severe weather.

Performance Bonds to Protect Customers from Winter’s Chill

This last winter saw some of the most severe temperatures across the nation in decades. That chill was even worse if you discovered that your pre-paid winter heating fuel was not available because of shortages caused by increased usage. New Hampshire was one of the states to be hit hard by this problem and wants to ensure it will not happen again. A new legislative bill has passed the New Hampshire House and is expected to pass the Senate as well. When passed, it will require that all dealers of household heating fuel will have to register with the state and file a report each year. That report will show that the company holds at least 75% of the amount of fuel that it is contracted for, as well as proof that it has taken out a performance bond to guarantee delivery. It also requires dealers to reimburse customers for undelivered fuel under the contract within 30 days of failure to deliver on the contracted date. The performance bond can be invoked if the dealer fails to comply with this agreement.

Performance Bond Requirements Increasing

While not every type of business will need to have a performance bond or any other type of surety bond in order to operate within the law, many do. As business life gets more complex and greater financial amounts are at stake, surety bonds have an important role to play for commerce. If you think you may need to post a surety bond because of changes in legislature, don’t wait until it becomes the law. BuySurety has been providing a wide array of surety bonds to many industries for a multitude of reasons for over two decades. Let our knowledgeable customer service representatives help you find just how fast and easy getting bonded can be when you use an experienced surety bond provider like BuySurety.

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Surety Bond Companies Save the Day for Municipal Projects in California, Maine and Maryland

Written by JoAnn Smith on January 31st, 2014. Posted in California, Commercial Bonds, Latest News, Maine, Maryland, Performance Bonds, States, Surety Bond Blog

     surety bond companies
Cities need surety bond companies to ensure projects are completed.
In three separate projects involving municipal directed construction, surety bond companies have had to step into the breach to ensure that the projects would be completed. In the Maryland construction project a second contractor agreed to take over a delayed high-school construction project when the original contractor defaulted on their surety bond. The same type of delay happened with a school construction project in Maine except that in this project the surety bond company had to step in and find a second contractor to complete the project. Meanwhile, a community center under construction in California was halted after the city removed the original contractor for several delays. The surety bond company will appoint a new contractor for the city. Municipal Projects Need Surety Bond Companies All three of these projects are a clear sign that although construction on many municipal projects has resumed after quite a few years of dismal finances, many smaller construction companies have proven to not be up to the challenge. While many municipalities want to support smaller local businesses, the need for these companies to supply performance surety bonds to protect city interests is stronger than ever. Surety bond companies can help many small and mid-size companies make the leap to the next big project by providing assurance that they can handle the financial complexities of these projects.

Getting Bonded Important for Growth

If you are a small or mid-size business looking to recover from the recent market crash by attracting new business with local government, make sure your house is in financial order. If you don’t already have the surety bonds in place to allow you to bid on these important new projects, you can find out how to get bonded quickly and easily. Contact our offices through BuySurety and get your company bonded today. Qualify for more lucrative government projects by being pre-bonded by surety bond companies that can work with you to make your business more strategic in today’s recovering marketplace.

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Surety Bond Requirements – Vermont, New Hampshire and Maine Car Dealers

Written by JoAnn Smith on December 21st, 2013. Posted in Bond Types, Commercial Bonds, Latest News, Legislation, License and Permit Bonds, Maine, Motor Vehicle Bonds, New Hampshire, States, Surety Bond Blog, Vermont

     surety bond requirements
car dealer bond requirements are changing
As we take a look at the surety bond requirements for auto dealers in the extreme Northeast corner of the country, we see two different approaches to licensing. As we have seen in a few other states, Vermont and Maine look at licensing from the viewpoint of the size of the dealership. Meanwhile, New Hampshire has the simplest approach by simply requiring a surety bond for licensing regardless of what kind of auto dealership you happen to run. Here are the details:

Vermont Car Dealership Requirements

In Vermont, as we have seen before in several other states, the amount of bonding you are required to have in connection with your license depends on the number of cars you have on the lot. The only exception to this is when you are starting in the business as that first year will require the highest surety bond amount regardless of how many cars you have on the lot. You will note that these requirements only pertain to new car dealerships. Used car dealerships are not required to get bonded as part of their dealership license. Here is the breakdown on surety bond requirements for a new car dealership:
  • $34,000 surety bond – New Dealer Applicants
  • $20,000 surety bond – Dealers with 24 vehicles or less
  • $25,000 surety bond – Dealers with 25-100 vehicles
  • $30,000 surety bond – Dealers with 101 to 250 vehicles
  • $35,000 surety bond – Dealers with 251 vehicles or more

New Hampshire Auto Dealer Surety Bonds

Unlike its neighbor, New Hampshire has some very easy to understand rules when it come to licensing. If you are interested in opening an auto dealership in New Hampshire there is only one level of surety bonds that you need to post. In fact, it is the same amount, regardless of whether you are selling new or used vehicles. The surety bond amount for any auto dealer in New Hampshire is simply a $25,000 auto dealer surety bond that must be posted before completing your dealership license. Now, wasn’t that easy?

Maine Auto Dealers

When we get to that far corner of the country that is called Maine, we once again are dealing with multiple levels of surety bond requirements depending on the number of cars you will be selling. The difference between Maine requirements for surety bonds and Vermont is that in Maine there is no separate requirement for someone that is starting up a dealership and the bond is connected to the number of cars you sell regardless of how many cars are on your lot. The surety bond requirements are strictly based on the number of cars sold per year. Here is the nitty-gritty on Maine:
  • $5,000 surety bond – up to 50 cars sold
  • $10,000 surety bond – 51-100 cars sold
  • $15,000 surety bond – 101-150 cars sold
  • $20,000 surety bond – 151-200 cars sold
  • $25,000 surety bond – over 200 cars sold

Looking for Great Auto Dealer Surety Bonds?

Obviously anyone that needs an auto dealer bond as part of their licensing agreement wants to find a company that knows their way around surety bonds and also can give them the best deal. When it comes to helping you out with your surety bond requirements, our BuySurety customer service people can not only help you to define exactly what will work best for you, but find it for you at the best price. Don’t take chances with fly by night surety bond companies that may leave you high and dry. BuySurety has been doing surety bonds since 1998 and began as a brick and mortar company, which we still are. Contact us today or come by our site and find out just how easy getting the right surety bond and a great price can be.

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Small Business Surety Bonds and Loans News

Written by JoAnn Smith on November 13th, 2013. Posted in California, Connecticut, Indemnity Bonds, Legislation, License and Permit Bonds, Maine, Massachusetts, Retail and Professional Services Bonds, Surety Bond Blog, Vermont

     small business surety bonds
The Small Business Administration is back in business.
If you own a small business and need to post a surety bond as part of your plans for expansion, you may have noticed that the Small Business Administration (SBA) was shut down as part of the government-wide shutdown recently. This has meant that many small businesses that were counting on small business loans have had to wait, hat in hand, while the government sorted out a few items. But the SBA has announced that they are back in business and those loans that were delayed are in the queue to be processed. According to the Washington Post, $140 million worth of small business loans were on hold during that delay. For many small businesses that were waiting on approval for loans to help with start-up or expansion, the restarting of the SBA offices after this delay is welcome news.

Small Business Surety Bond News

In other news, while the federal Congress may have been shut down for a spell, many states were still hard at work. Here is just a few of the new laws that were passed in the last few months by state legislature that will affect many small businesses around the country: Maine Driver Education Schools – Schools will now be required in Maine to have surety bonds posted as part of their school license. The bond will ensure that the school meets the requirements for driver education in the state of Maine. California Car Washes – California passed a bill that would increase the license surety bonds for a car wash business from $15,000 to $150,000. The new surety bond amount will ensure that wages, benefits and damages for employees are fully covered. Connecticut Mixed Martial Arts Studios – These studios were not previously required to post a surety bond, but will now be required to be bonded the same as boxing studios. This bond is to ensure the payment of taxes at these studios. Massachusetts Scrap and Used Tire Transporters – These businesses will now be required to post a surety bond in the amount of $100,000 to cover compliance issues. Vermont Precious Metal Dealers – Any dealers of precious metals in this state will now be required to post a surety bond for $50,000 if they purchase or sell $2,000 of metal or more within a 12 month period.

Looking for License Surety Bonds at a Good Price?

All of the surety bonds requirements listed above are part of the licensing of the business. This is probably one of the most common surety bonds that any small business will need. But many small businesses find they have a hard time qualifying for a business license bond because they are still a new business. If this sounds like a familiar problem, come and talk to us. BuySurety specializes in small business license bonds and can help you to get bonded today.

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