Pennsylvania
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Pennsylvania surety bonds are a legally binding agreement between three parties: the principal, the obligee, and the bonding company.
Surety bonds serve the purpose of providing a guarantee to the obligee that the principal will complete some kind of action and will adhere to specific laws or regulations in the performance of a specified task. It acts as protection for the obligee that a job will be done correctly and in the manner prescribed by that party. Quite often, government organizations are the obligees that require contractors to purchase bonds as a guarantee of following laws and fulfilling other performance terms of the agreement.
There are a number of different kinds of sureties. Each of these bonds serves a slightly different purpose, but in general, requires certain actions to be fulfilled and regulations to be adhered to.
Common Pennsylvania Surety Bonds
Pennsylvania surety bonds are a legally binding agreement between three parties: the principal, the obligee, and the bonding company.
Surety bonds serve the purpose of providing a guarantee to the obligee that the principal will complete some kind of action and will adhere to specific laws or regulations in the performance of a specified task. It acts as protection for the obligee that a job will be done correctly and in the manner prescribed by that party. Quite often, government organizations are the obligees that require contractors to purchase bonds as a guarantee of following laws and fulfilling other performance terms of the agreement.
There are a number of different kinds of sureties. Each of these bonds serves a slightly different purpose, but in general, requires certain actions to be fulfilled and regulations to be adhered to.
Common Pennsylvania Surety Bonds
Auctioneer Bond
Public Adjuster Bond
Private Investigator Bond
Contractors Bond
Auto Dealer Bond
Janitorial Bond
How do I purchase a Pennsylvania surety bond?
NFP, the nation's largest and most reliable surety company, is authorized to issue many different types of surety bonds in Pennsylvania. 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.
Pennsylvania Surety Bond FAQs
In Pennsylvania, a wide range of surety bonds may be required depending on your profession or business. Common examples include contractors bonds, auto dealer bonds, notary bonds, mortgage bonds and freight broker bonds. These bonds help ensure lawful conduct and protect the public from financial loss.
Notaries in Pennsylvania are required to post a $10,000 surety bond for their four-year commission term. The notary bond typically costs around $30. It serves to protect the public if the notary fails to perform their duties ethically and in accordance with state law.
Contractors bond amounts vary by municipality, typically ranging from $1,000 to $100,000. Premiums usually fall between 1 and 10% of the bond amount annually. For many contractors, this means paying as little as $100 per year if they have strong credit and a clean business history.
Auto dealers in Pennsylvania must obtain a $20,000 surety bond to become licensed. The cost of an auto dealer bond varies by credit score and provider, but most dealers can expect to pay around $200 per year. Higher bond amounts may be required for different types of dealerships or specific licensing categories.
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