A variety of individuals and businesses in Atlanta have to get surety bonds, so that they can operate in compliance with the law. License bonds are often required by city, state and federal authorities.
Most Popular Surety Bonds in Atlanta
One of the most common types of bonds that Atlanta businesses have to post are auto dealer bonds. Car sellers need to present a dealer bond to the Georgia State Board of Registration. If you’re selling used cars, the bond amount is $25,000. For selling used car parts or recreational vehicles, you’ll need a $10,000 bond.
Residential and general contractors in Georgia have to post a $25,000 bond. They have to obtain it as a part of their licensing with the state Board of Residential and General Contractors. The rule applies to all Atlanta contractors.
Businesses in Atlanta that want to sell alcohol need to obtain a state liquor tax bond. It is needed to get a license from the Georgia Department of Revenue.
Freight brokers in the whole of the U.S. have to get the right to operate from the Federal Motor Carrier Safety Administration. This means that Atlanta freight brokers also have to comply with this rule. As a part of the licensing, they have to post a $75,000 bond.
Overview of surety bonds in Atlanta, Georgia
Atlanta surety bonds work just like the rest of surety bonds. They represent a contract between three entities. Your business is the principal that needs to get a bond. The city, state or federal authority that imposes the bonding is the obligee. The surety is the third party that backs you financially by providing the bond.
Although license bonds are the most commonly used ones in Atlanta, Georgia, you may also have to post a contract bond or a court bond. For example, if you want to appeal a court case, or to take the role of a fiduciary, you may need a court bond. Contract bonds are needed when contractors want to bid on public or private projects.
What’s the purpose of bonding? Your Atlanta surety bond protects relevant authorities and the general public. It is there to provide a compensation to any affected parties if you do not follow the law. Claimants can get a reimbursement up to the penal sum of your bond in cases of proven claims.
Need further details about Atlanta, GA surety bonds? Lance Surety Bonds’ experts are here to help - just call us at (877) 514-5146.
Questions about Surety Bonds in Atlanta, Georgia
How much does an Atlanta surety bond cost?
The bond amount you have to obtain is determined by the authorities that impose the bonding requirement. To get bonded, you need to pay only a bond premium, which is a percentage of the bond amount. For most types of bonds and for applicants with good finances, the rates are usually 1%-5% of the bond amount.
Your bond cost is determined on the basis of your personal and business finances. The surety that you apply with has to take a close look at your personal credit score, business financials, as well as any liquidity and assets you might have. This is how it can assess how risky it is to provide you with bonding. Your bond premium will be lower if your overall finances are stable.
You can consult our surety bond cost page for further information about the way your bond cost is set.
Can I get bonded with bad credit?
Lance Surety Bonds runs its Bad Credit Surety Bonds program to help Atlanta applicants with low credit scores, tax liens, bankruptcies, or civil judgements get bonded. If you have problematic finances, you can still obtain the bond you need with us. The program is available for most bond types, except for contract bonds.
You can expect your bond premium to be in the range of 5%-15%. The higher cost compensates for the increased bonding risk. We work with a number of A-rated, T-listed surety companies, so we can still offer you the best bonding option for your circumstances.
How do I get bonded in Atlanta?
Do you want to start your bonding process? You can apply online today to get a free, no-obligations bond quote. If you want an exact bond price, just complete the full application and send us your documents.
If you need more details on the bonding process, our How to Get Bonded page can be of great use. Have more questions? Just call us at (877) 514-5146. We are here to assist you.