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The condition of the above obligation is such that WHEREAS the above named principal has made to the obligee hereunder application for a license under Section 320. 27 Florida Statutes to engage in the business of buying selling or dealing in motor vehicles or offering or displaying motor vehicles for sale as defined by the said law and the obligee hereto a good and sufficient surety bond for the license period conditioned that said principal shall comply with the conditions of any written contr ...

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What is a 50000 bond in NC?

What is a North Carolina NEW Motor Vehicle Dealer ($50,000) Bond? North Carolina Division of Motor Vehicles requires that motor vehicle dealers, manufacturers, factory branches, distributors, and wholesalers in the state post a $50,000 corporate surety bond for the primary salesroom or business location.

How does a surety bond work in Florida?

The surety - the party that sells the bond to the principal - financially reimburses the obligee should the principal fail to fulfill their obligations. Bonds are required for construction and renovation projects more than $100,000 and any project involving a federal building or public works project.

What is the dealer bond in NC?

In order to provide financial security for the enforcement of the license law, dealers must purchase and maintain a $50,000 North Carolina motor vehicle dealer surety bond, with an additional $25,000 surety bond for each subsequent place of business (more on this topic below).

How much does it cost to be bonded in Florida?

How much do you pay for a surety bond? Florida surety bonds are required for many jobs, but what does it cost to buy one? On average, the cost of a surety bond falls somewhere between 1% and 15%. That means you may be charged anywhere from $100 to $1,500.

What is a bond on a car?

Auto dealer bonds, sometimes called motor vehicle dealer bonds or car dealer bonds, are government required surety bonds that auto dealers must purchase to obtain a dealer license. Auto dealer bonds protect the public from financial harm resulting from violations of licensing law committed by the auto dealer.

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How do I get bonded in Florida?

If you need a surety bond in Florida, heres what you need to know: Determine the type of surety bond you need from your contract. Florida requires different types of surety bonds for different industries and purposes. Obtain a bond application. Pay the premium and obtain the bond.

How do I get a title bond in Florida?

How do Florida Residents Apply for a Bonded Title? Step 1 Consult the Local Tax Collector. Bonded title applicants in Florida should consult with their local tax collectors office prior to purchasing a surety bond. Step 2 Purchase a Surety Bond. Step 3 Complete the Affidavit. Step 4 Complete the Application.

How much is a dealer bond in Florida?

The $25,000 Florida Motor Vehicle Dealer Bond is a licensing requirement for auto dealers operating in the state.

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