Peddler And Solicitor Bond
What is a Peddler And Solicitor Bond?
Many states require peddlers and solicitors to obtain a surety bond as a prerequisite for obtaining a license. The purpose of this is to protect the state and customers from any damages or misrepresentations that arise.
Additionally, the bond issuer takes on the burden of making sure that the peddler and solicitor will abide by laws when they sell their products. If a dispute arises and the peddler or solicitor is found to be at fault, damages will be paid by the bond issuer up to the value of the bond.
How Peddler And Solicitor Bonds Work
Peddler and solicitor bonds are contracts between the peddler and solicitor, the state, and the bond issuer. Typically, local and state authorities determine an appropriate value for the bond in order to protect themselves and customers from fraud or illegal behavior. The peddler or solicitor (who purchases the bond) is called the principal. The state is the obligee, since it creates the mandate to purchase the bond before issuing a license. The surety company is the bond issuer.
Pricing & Terms
Surety bond costs are a percentage of the full bond amount, which is usually determined by your personal credit. Providing industry experience, strong personal credit, and business/personal financials will help lower your bond rate. Reach out for a quote today.
Bond Purchase Process
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Frequently Asked Questions
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