Surety Bonding and the License Bond in Arizona: Why They are Needed and Where to Obtain Them
Surety bonds are a common way for a company to increase their level of professionalism. They are also a common requirement when working with a government agency in any type of contracted work. In many instances it is a requirement to be bonded before even bidding on a job. Even if a company wishes to only work with clients that do not necessarily require a bond, they may still be the deciding factor for which company a client chooses to hire.
Getting a bond does not have to be a difficult or lengthy process. As long as the person requesting it can provide the information needed and is able to make payment, they are often even available on the same day as the application is processed. Even people who have experienced credit issues in the past can still receive bonds, but the wait time may be a little longer.
It is important for all contractors to realize that a bond is not insurance. They will still need to be fully covered against accidents and damages. A surety bond will only protect the entity they are contracted with by ensuring that the contractor will provide the service they agreed to in their contract. If a problem occurs and the bond needs to be paid, the contractor will be liable to the bonding company for any expense they incurred.
A License Bond in Arizona is slightly different from a basic surety bond. This is a bond that is required to be held by certain trades before they can hold a license in their field. It is an additional statement that the license holder understands the laws and regulations that apply to their position and agree to abide by them. It can also be referred to as a permit bond, and is used in a number of different career fields. This includes contractors, motor vehicle sales and the mortgage industry, as well as many others.
Contact Southwest Bond Services to begin the process of receiving any type of surety bond, including a license bond in Arizona. They can explain the process of obtaining one, as well as answer any questions about what a bond is and why they are needed. The company works with only the highest rated bonding companies and they are very efficient and attentive to the needs of their customers.