South Carolina Surety Bonds

Most Popular Surety Bonds in South Carolina

How to Get a Surety Bond in South Carolina

1. Determine The Surety Bond You Need

This information can be requested from the entity requiring the surety bond. Depending on the situation, this can be a federal agency like the FMCSA, a state administration like the South Carolina Department of Motor Vehicles or a municipality like Dillon. Many people who approach us for the first time have questions about this stage so don’t hesitate to contact us if you have any doubts. That’s what our experienced and friendly customer service is here for.

2. Submit Your Application Form

Fill our online application form, which can be done in under 5 minutes, and you will receive a quote, completely free and without any commitment, for your surety bond’s premium. That’s what our client Jim did to go through the bonding process with ease.

3. Accept Your Quote

The only thing left for you to do is paying the quoted premium and signing the agreement. Once that is done, we’ll send you your surety bond immediately. After receiving it, you may have to sign it before sharing it with the obligee.

Types of Surety Bonds in South Carolina

There are three main types of surety bonds required in South Carolina. Here’s a brief overview:

• License bonds, also known as permit bonds, are often required by state bodies during the professional licensing process. In South Carolina, a number of professions require license bonds. These include auto dealers, freight brokers, mortgage brokers and insurance brokers. Taking out a license bond guarantees that these professionals will operate within the laws of their industry.
• Contract bonds, also known as performance bonds, are most commonly used in the construction industry. Companies often need to get bonded in order to bid on new projects. Contract bonds guarantee fulfillment of contractual obligations.
• Court bonds are probably the least common bond type in South Carolina. Typical cases in which South Carolina courts might require court bonds include when someone is appealing to a higher court or when they’re acting as a fiduciary.

Ready to start your bonding process? Find your South Carolina surety bond in the table below or give our bonding experts a call at (877)-514-5146.

South Carolina Surety Bond Costs

The cost of a South Carolina surety bond is affected by 2 primary factors:

• The type of surety bond needed, which determines its amount;
• The risk you represent, which defines what percentage of that amount you’ll be paying.

The surety bond’s premium is set based on a percentage of the bond's total amount. This percentage varies between 1% and 10%. Some of the factors that influence it are:

• Credit score
• Business financials
• Assets and liquidity
• Professional experience

For example, if you’re looking for a $10,000 South Carolina Contractor License Bond, and have exceptionally good credit, financial and professional records, you may be quoted as little as $100 for your bond. If you have bad credit, you can still get bonded. In that situation, you can expect the premium to be closer to $1000 for the same surety bond.
 

Surety Bond Requirements in South Carolina