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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Legalized Casinos in Virginia and New Hampshire Require License Surety Bonds

Written by JoAnn Smith on March 1st, 2014. Posted in Commercial Bonds, Legislation, License and Permit Bonds, New Hampshire, Surety Bond Blog, Virginia

     legalized casinos, license surety bond
legalized casinos will need new surety bonds
New Hampshire and Virginia are the two latest states to consider legalized casinos as long as their licensing includes a license surety bond to protect taxpayers. There has been a general move across the nation to begin to create circumstances under which legalized casino operation is carefully governed by the state. Taxes and shares of the profits will go to the state to help fund such widely diverse projects as road repair, school building and maintenance and even economic development plans. While both states anticipated the passage of these bills to allow for legalized casino operation in their state, the two entities have approached the bill and the surety bond requirements in very different ways.

New Hampshire Takes Small Steps

New Hampshire will only be conferring legitimacy on two casinos with their bill. The initial interest was to have one casino licensed and posting a surety bond as a test of the waters for future casino openings. However, since this would create a monopoly in the state, the decision was changed to include two casinos that are at least 30 miles apart. Both casinos will be required to post a surety bond as part of the licensing procedure and will be watched closely before any further steps are taken.

Virginia Pulls the Plug on Legalized Casinos

While Virginia was increasingly looking to be the next state to pass a bill allowing legalized gambling, that bill has been pulled as of early February of 2014. Senator Louise Lucas has said she will spend some time this year gathering more support for a bill to legalize casinos in Virginia. Many supporters have pointed to nearby states as evidence that including surety bonds as part of the licensing will not only control the number of legitimate casinos but also use the gambling centers as an income source for important state projects. Neighboring West Virginia has had legal casino operation for some time now. They have kept control by only allowing one casino to operate in the state, while keeping all other gambling sites to racetrack poker rooms. Both types of gambling operations have surety bonds as part of their license requirements.

Casinos and License Surety Bonds

There are several states that already have a license surety bond in place for casino operators. Florida is a great example. Although the Seminole Indian Tribe has had exclusive rights for casino operations for years, recently Florida legislature has passed a bill to allow up to three unaffiliated casino operators to build in Florida providing they meet the requirements such as the posting of a license surety bond.

Fast and Easy Surety Bonds

Does your business require a license surety bond? If it does, you can find out all the information on what is required quickly with BuySurety. We have been working for several decades with a variety of businesses to provide the surety bonds they need to stay legal and in business. Don’t get caught at the time of your license renewal without the right surety bond coverage. Get BuySurety and be sure.

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Are Pre-Buy Service Surety Bonds in New Hampshire’s Future?

Written by JoAnn Smith on January 15th, 2014. Posted in Bond Applications, Bond Types, Commercial Bonds, Latest News, New Hampshire, Retail and Professional Services Bonds

pre-buy service surety bond
Why heating oil suppliers need a pre-buy service surety bond
This winter’s Arctic Blast has done more than simply chill the great outdoors. In New Hampshire where many consumers found themselves delayed or sometimes required to accept shortages on the delivery of pre-paid heating oil, it chilled their relationship with the heating oil supplier.
In response, the state’s Attorney General’s Office is considering changing requirements for pre-paid services because of a backlash of complaints after the shortage. The changes will probably include a requirement for pre-buy service surety bonds for all businesses that offer that option.

Pre-Buy Service Surety Bonds a Solution

The possible changes became obvious when Assistant Attorney General James Boffetti stated in a news conference that the current situation of pre-bought services that left consumers out in the cold was ″grossly inadequate″ and did not meet the consumer’s needs. In order to ensure that customers who pre-pay for their goods and services, such as heating oil, are met a pre-buy service surety bond could be required in the future.

Arctic Weather Creates Emergency

Over 40 complaints were received by the Attorney General’s office for delayed or shorted delivery of heating oil during the recent storm. Some consumers were left without any heating oil in record low temperatures. A combination of holidays leaving companies short of drivers, poor road conditions making deliveries difficult or slow and an electrical fault at one of the major providers were sited as contributing to the problem.

Service Businesses Need Surety Bonds

In reality, any business that offers goods and services in a pre-buy package should be considering a pre-buy service surety bond as a form of insurance for their business. As this winter storm illustrates, anything can happen unexpectedly that interferes with the ability of a company to deliver as planned. If your business provides goods or services through a contract that includes a pre-payment and you need a surety bond as part of your business, find it fast with BuySurety. We have been providing businesses large and small with the surety bonds they need to be successful and secure since 1998. Find out how easy it is to find and buy the surety bond you need to keep your company secure at BuySurety today.  

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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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