For Profit Legal Service Contracts Bond
Legal services contract companies are required by the Texas Department of Licensing and Regulation to post For Profit Legal Service Contracts bonds in varying amounts according to revenue. These ensure that the service provider observes all regulations, and they protect the state against malpractice and negligence. Companies that generate less than $300,000 in annual gross revenue from legal service contract sales must post $50,000 bonds. Companies that generate between $300,000 and $750,000 in annual gross revenue must post $75,000 bonds. Companies that generate more than $750,000 in annual gross revenue must post $100,000 bonds.
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