Construction Surety Bond Utah
A surety bond is a legal contract that protects the federal, state, and municipal governments. Some bonds protect against fraud, while others guarantee the performance of a contract. A Utah surety company can help you choose the right type of bond for your business. This company will review your business’ financial health and issue a quote. This price is known as the bond premium.
Many different types of businesses in Utah require surety bonds to operate legally. Some examples include auctioneers, licensed private investigators, and professional fundraisers. You may also need a surety bond if you are leasing mineral rights or weighing livestock. These types of bonds are typically required by state agencies and can be obtained online through a surety bond specialist.
In Utah, there are two types of surety bonds. One type is a state requirement, while the other is a municipality-issued bond. Some projects require only one type of bond, while others may require several types, including a contractor license bond and a travel bond. If you need a Utah surety bond, Viking Bond Service can help.
In addition to contract bonds, Utah courts also require contractors to purchase court bonds in order to perform certain tasks. The state requires these bonds for certain situations, including those involving large damages and contested property. A court-issued bond can also be required if you are appointed in a fiduciary capacity for a family or a business.
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The amount of the bond will vary, but generally the amount will be between one and five percent of the total bond amount. The cost will depend on the type of bond you need and your credit rating. You can use a bond premium calculator online to get an idea of how much it will cost to obtain. You can also check online for quotes and apply for a bond even if you have bad credit. Many permits and license bonds can be obtained with bad credit, although contract bonds are more difficult to obtain.
If you are applying to work as a contractor in Utah, you’ll need a $10,000 bond. This bond references Section 53-9-110 and must be in force throughout your license period. In addition, you’ll need to submit proof of liability insurance in the amount of fifty thousand dollars. This insurance must meet the requirements of Utah Code Ann. SS53-9-109(2). If you have workers’ compensation, you’ll also need to attach a worker’s compensation certificate.
A Utah surety bond can protect you and your company from the risks and costs of non-performance. Whether your business is performing contract work for the state or a local business, surety bonds protect you from financial risk. These bonds are required by law and must be paid in full if your business fails to comply with contract or state statutes.
The amount of bail varies, and is usually based on a number of factors including the person’s criminal history, the severity of the crime, and any other relevant details. A Utah surety bond is not refundable if the charges are dismissed, dropped, or acquitted.