Facility Closure Payment Bond
Organizations, entities, and/or individuals engaged in closing a commercial facility in any location and more than 20 percent of the total number of the employer’s employees who are participants under a pension plan are separated from employment as a result are required to purchase a Facility Closure Payment bond. These bonds ensure compliance with municipal and state laws. Each facility must be itemized according to the bond, and it also ensures that the bond holder pays all applicable taxes and fees.
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