Arkansas
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There are hundreds of surety bonding solutions that can be purchased in the state of Arkansas.
While some of these bonds, such as the license and permit bond, specifically serve to protect the public from unscrupulous contractors and professionals, all of them have a similar purpose in that they provide some measure of confidence in professional workmanship delivered by a business contractor or service provider.
Sureties work in a manner similar to insurance, in that they provide protection for one of the parties to the contract agreement: the obligee. Since an obligee is hiring a principal to perform a task or job, some kind of assurance is needed that the job will be done in a forthright manner that fulfills the stipulated performance terms. If the principal does not meet those expectations, they are in default of the bond's terms, and an obligee would then have the right to claim the bond, up to but not exceeding its face value.
In that event, the surety company would be obliged to pay that dollar amount to the obligee, covering any damages or unfulfilled terms. Subsequently, the surety company would then seek reimbursement for the full amount from the principal who caused the default. This, of course, provides strong motivation for the principal to live up to the stated terms of the agreement, to avoid having to pay the bond amount, as well as the damage to their professional reputation.
Common Arkansas Surety Bonds
There are hundreds of surety bonding solutions that can be purchased in the state of Arkansas.
While some of these bonds, such as the license and permit bond, specifically serve to protect the public from unscrupulous contractors and professionals, all of them have a similar purpose in that they provide some measure of confidence in professional workmanship delivered by a business contractor or service provider.
Sureties work in a manner similar to insurance, in that they provide protection for one of the parties to the contract agreement: the obligee. Since an obligee is hiring a principal to perform a task or job, some kind of assurance is needed that the job will be done in a forthright manner that fulfills the stipulated performance terms. If the principal does not meet those expectations, they are in default of the bond's terms, and an obligee would then have the right to claim the bond, up to but not exceeding its face value.
In that event, the surety company would be obliged to pay that dollar amount to the obligee, covering any damages or unfulfilled terms. Subsequently, the surety company would then seek reimbursement for the full amount from the principal who caused the default. This, of course, provides strong motivation for the principal to live up to the stated terms of the agreement, to avoid having to pay the bond amount, as well as the damage to their professional reputation.
Common Alabama Surety Bonds
Contractors Bond
Auto Dealer Bond
Freight Broker (BMC-84) Bond
Auctioneer Bond
Collection Agency Bond
Certificate of Title Bond
How do I purchase an Arkansas surety bond?
NFP, the nation's largest and most reliable surety company, is authorized to issue many different types of surety bonds in Arkansas. We can provide the best rates for your bond, as well as the fastest issuance, to get your business off and running.
Our short online application makes it easy. Click below to start the application process today.
Arkansas Surety Bond FAQs
Yes. If you're planning to be a commercial contractor, you'll need a $10,000 surety bond. And if you're specifically doing residential roofing, the state requires an additional $15,000 bond. These are state-mandated requirements and part of getting licensed.
It depends on your credit score. If your credit is 700 or higher, you'll likely pay around 1 to 3% of the total bond amount. But if your credit score is low, it could be closer to 10%.
Yes, these bonds are continuous, which means they stay active until either you or the surety company cancels them. If the surety cancels, they have to give 60 days’ notice. Just keep in mind that you’ll need to pay your bond premium annually, and your contractor license will only remain valid while the bond is in effect.
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