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How much does a North Dakota grain buyer’s bond cost?
The North Dakota Public Service Commission requires grain buyers to post surety bonds to legally conduct business within the state. Roving grain buyer’s bond amounts are determined by the volume of grain handled, sold, and received by the grain buyer, but cannot be in an amount less than $5,000.
The cost of this bond is subject to underwriting, which means the price you’ll pay is based not only on your required bond amount, but also on your personal credit report. Having your current business financials and a personal financial statement on hand when you contact our team of specialists could speed up the bonding process and help you qualify for a lower bond premium.
Ready to find out exactly how much you’ll pay for your surety bond? Request a free bond quote now!
Why do I need a North Dakota roving grain buyer’s bond?
North Dakota roving grain buyer’s surety bonds ensure that principals (grain buyers) faithfully perform all duties in compliance with the laws and rules set by the North Dakota Public Service Commission (Chapter 60-02.1 of the North Dakota Century Code), including paying for all grain purchased or marketed. If the principal fails to adhere to these terms, the bond protects harmed parties from financial loss as a result of the principal’s or the principal’s agents’/employees’ unethical and unlawful business practices.
How to obtain a North Dakota grain buyer license
All grain buyer applications for North Dakota licensure must be submitted to the Public Service Commission. The North Dakota roving grain buyer license checklist shows the following materials must accompany the application:
- $200 license fee
- Copy of sale ticket (or purchase contract or other document used to monitor North Dakota purchases)
- Copies of all credit sale contracts to be used by the grain dealer, if applicable
- Copy of partnership agreement, if applicable
- Roving grain buyer surety bond (must be signed and notarized)
- Business title must be registered with the North Dakota Secretary of State
Applicants must request a North Dakota roving grain buyer license application (SFN 52016); samples are available for applicants to review.
Licenses expire annually on July 31. Renewal applications must be submitted by July 15 of each year.
Visit the “Additional Resources” section of this page for more licensing information. Begin the licensing process by purchasing the surety bond you need.
Considerations for North Dakota roving grain buyer’s bonds
North Dakota roving grain buyer’s bonds are continuous until canceled. The surety can cancel the bond at any time by notifying the grain buyer and the commission of the impending termination via certified mail. The bond will be canceled 90 days after the commission receives the notification.