Washington DC Surety Bond Types
Although Washington DC is not a state, its companies and citizens still receive the same legal protections offered by surety bonds. State governments have different requirements regarding bonding for businesses and individuals, and Washington DC is no exception. The government of Washington DC protects its consumers from many fraudulent activities by requiring certain businesses and individuals to be bonded.
Surety bonds in Washington DC work the same as those found in states. When two people, or businesses, enter into a contract, a surety guarantees that services will be fully completed. The principal promises to complete a task for the obligee, and once the bond is issued the surety assures the obligee that the task will be fulfilled. If the principal fails to fulfill the contract, then the obligee may collect retribution from the surety. An obligee’s claim may not exceed the amount of the bond.
Your Washington DC Surety Bond Company
The District of Columbia offers a number of bonds to its citizens, including a check sellers bond. This bond requires companies that sell checks to financially reimburse those adversely affected if they were to fault on their contracts. Other industries in Washington DC require surety bonds as a part of their legal licensing procedures. Make sure to check Washington DC’s rules and regulations to avoid penalties.
Surety bonds aren’t only used by businesses and individuals who are required to secure them. Countless business owners purchase bonds for added security against actions such as employee theft. Surety bonds protect both you and your customers. Once your customers know that you have a surety bond in place, they will feel more confident about entering into a contract with you. They will see you as an ethical business owner who holds his or her customers’ satisfaction in highest regard.
Although surety bonds are very important and beneficial documents for a business to obtain, applying for them in Washington DC is easy, even if you’re not exactly sure what you’re looking for. If you’re not sure where to start, a number of helpful surety bond specialists can be found online. Applications can then be filed online in a matter of minutes, and you can get a quote back in a matter of days. Take a few minutes out of your day and consider all the benefits a surety bond can offer you, your business and your customers.