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This document serves as a surety bond between the principal and the surety for the purpose of ensuring the faithful performance of professional services in the State of Mississippi.
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How to fill out surety bond
How to fill out SURETY BOND
01
Obtain a blank surety bond form from your surety company or online.
02
Fill in the principal's name and address accurately.
03
Specify the type of bond (e.g., performance bond, license bond, etc.).
04
Include the bond amount that you are required to obtain.
05
Provide the details of the obligee, including their name and address.
06
Sign the bond where indicated by the principal.
07
Have the surety company complete their portion of the bond, including signatures and seals.
08
Make sure all information is accurate and legible.
09
Submit the completed bond to the obligee or as directed.
Who needs SURETY BOND?
01
Businesses that need to fulfill regulatory requirements.
02
Contractors who need performance or payment bonds.
03
Licensure applicants who need a bond to operate legally.
04
Individuals or businesses seeking to guarantee obligations.
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People Also Ask about
What is the purpose of a surety bond?
$5,000 surety bonds typically cost 0.5–10% of the bond amount, or $25–$500.
What surety bond?
A surety bond is a three-party written agreement by which one party (the surety) guarantees another party (the obligee) that a third party (the principal) will perform ing to the bond, statute, contract or other obligation.
How much does a $5000 surety bond cost?
$5,000 surety bonds typically cost 0.5–10% of the bond amount, or $25–$500.
What is surety bond in English?
Meaning of surety bond in English. a legal agreement in which someone promises to pay a person or organization a sum of money if another person does not do something they had promised to do: Contractors are not required to post a surety bond, but they must have at least $3 million in liability insurance.
How much does a $5000 surety bond cost?
Surety Bond Amount The bond amount represents the maximum coverage the surety will provide in the event of a claim, so the riskier the bond's purpose, the larger the bond amount typically required, and consequently, the higher the premium. The cost is a percentage of the bond amount.
What is a surety in English law?
A person who agrees to be liable for a present or future obligations of another (the principal) to a third party in addition to the liability of the principal.
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What is SURETY BOND?
A surety bond is a three-party agreement that guarantees the performance, payment, or obligation of one party to another, typically involving a principal, an obligee, and a surety.
Who is required to file SURETY BOND?
Individuals or companies that are required to guarantee compliance with legal obligations, contractual agreements, or regulatory requirements, such as contractors or professional licensees.
How to fill out SURETY BOND?
To fill out a surety bond, you need to provide details about the principal, obligee, bond amount, purpose of the bond, and any specific stipulations required by the obligee; it must then be signed by the parties involved.
What is the purpose of SURETY BOND?
The purpose of a surety bond is to protect the obligee from losses caused by the principal's failure to meet their obligations, ensuring financial compensation and compliance.
What information must be reported on SURETY BOND?
The information that must be reported on a surety bond includes the names and addresses of the principal and obligee, bond number, effective date, amount of the bond, and the specific obligations the bond guarantees.
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