Ohio
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Ohio surety bonds are issued for multiple purposes, ranging from license bonds, auctioneer bonds, and business service bonds.
A surety bond is an agreement between three parties to have a particular service delivered. It is a contract that legally binds the involved parties in order to ensure that the stipulations of a contract are fulfilled. A surety is normally issued when the recipient of a service needs a certain level of assurance from the service provider. For example, a company offering painting services to a commercial building may be required by the owner of the premises to issue a bond as a guarantee of their work.
The bond provides the building owner with assurance that if the paint contractor doesn't do their work to the expectations of the contract, the owner can seek compensation for damages incurred. The bond can also protect the premises owner from the negligence of the contractor, such as situations where the contractor doesn't pay subcontractors.
Common Ohio Surety Bonds
Ohio surety bonds are issued for multiple purposes, ranging from license bonds, auctioneer bonds, and business service bonds.
A surety bond is an agreement between three parties to have a particular service delivered. It is a contract that legally binds the involved parties in order to ensure that the stipulations of a contract are fulfilled. A surety is normally issued when the recipient of a service needs a certain level of assurance from the service provider. For example, a company offering painting services to a commercial building may be required by the owner of the premises to issue a bond as a guarantee of their work.
The bond provides the building owner with assurance that if the paint contractor doesn't do their work to the expectations of the contract, the owner can seek compensation for damages incurred. The bond can also protect the premises owner from the negligence of the contractor, such as situations where the contractor doesn't pay subcontractors.
Common Ohio Surety Bonds
Contractors Bond
Auto Dealer Bond
Freight Broker (BMC-84) Bonds
Public Adjuster Bond
Auctioneer Bond
Mortgage Bond
How do I purchase a North Carolina surety bond?
NFP, the nation's largest and most reliable surety company, is authorized to issue many different types of surety bonds in North Carolina. 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.
Ohio Surety Bond FAQs
Ohio requires various types of surety bonds depending on the profession or activity. Common examples include contractors bonds, auto dealer bonds, notary bonds, and mortgage bonds. Many municipalities also require specific bonding for local licensing and permit compliance.
No, a surety bond is not the same as insurance. In Ohio, a surety bond is a three-party agreement where the surety guarantees that the bonded party will fulfill its obligations. If they fail to do so, the surety pays the claim, but the bonded party is ultimately responsible for repaying the surety.
The cost of a surety bond in Ohio depends on the type of bond and the applicant’s credit. A standard bond, like a $25,000 contractors bond, may cost as little as $100 per year for someone with good credit. Higher-risk applicants may pay more, but many sureties offer flexible underwriting options.
Yes, many bonding companies in Ohio work with applicants who have less-than-perfect credit. While the rate may be slightly higher, you can still obtain the bond you need. Some bonds may also allow for collateral or co-signers to help with approval.
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