Freight broker bonds are necessary for legally operating as a transportation broker. The bond guarantees compliance with the FMSCA's rules and protects motor carriers and shippers if a broker fails to comply with its contractual agreements.
Auto dealer bonds are a licensing requirement in most states to operate a car dealership and sell different types of motor vehicles. The bond serves as protection for customers and ensures the dealer is compliant with all applicable laws.
Contractor license bonds are required by most states to guarantee that a contractor will operate their business in accordance with the rules pertaining to their specific license. The bond also protects the public from fraudulent practices.
In simplest terms, a surety bond is a three-party guarantee. What exactly is being guaranteed will vary by bond type. Some bonds guarantee compliance with a government license, whereas others can guarantee performance of a construction contract. Read ahead for a more in depth explanation.
The cost of getting bonded can vary depending on a number of factors such as personal credit and financial strength of an applicant, as well as the risk associated with a type of bond. The only way to determine your exact costs is to apply for a free quote. Read our section on bond prices for estimated costs.
Lance Surety offers a variety of exclusive programs designed to get applicants approved who have less than perfect credit, weak financial records, or those who lack credit history. If you have bad credit and need to get bonded, we can help!
As of October 2013, the FMCSA increased the bond requirement for all freight brokers and forwarders to $75,000. Fortunately, Lance Surety offers the lowest rates in the industry for BMC-84 bonds, with no collateral required! Get approved in just minutes by applying for a free quote.