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Trec surety form 2025

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This document is a Construction Surety Bond that outlines the obligations of a Principal and Surety to the Texas Real Estate Commission. It ensures that deposits made by purchasers of Timeshare Interests are protected, requiring the Principal to either complete construction or refund payments if construction fails. The bond specifies conditions for claims against the Surety, liability terms, and procedures for termination of liability.

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What is the purpose of a surety bond?

What are the Benefits of Surety Bonding? A surety bond is a promise to be liable for the debt, default, or failure of another. It is a three-party contract by which one party (the surety) guarantees the performance or obligations of a second party (the principal) to a third party (the obligee).

How much does a $6000 surety bond cost in Texas?

The exact cost will vary depending on the surety bond amount required by the Texas Department of Motor Vehicles. Bond amounts up to $6,000 cost just $100. Bond amounts from $6,001 to $50,000 cost $15 for every $1,000 of coverage, starting at $100.

What is a form of surety?

In its simplest form, a surety bond is a written agreement, often required by law, to guarantee performance or payment of another companys obligation under a separate contract or compliance with a law or regulation.

What is a BMC-84 bond?

A BMC-84 is required by the FMCSA in order to obtain your brokerage authority and is issued in the form of a $75,000 bond. The bond is a guarantee of payment between the broker, Surety and motor carriers shippers, if the broker fails to comply or remit payment for services rendered, per contractual agreements.

What is a BMC 84 surety bond?

The BMC-84 (also known as a freight broker surety bond) is a specific type of surety bond that protects shippers/motor carriers, which is required by the Federal Motor Carrier Safety Association (FMCSA) in order to obtain a brokerage authority.

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How much does a BMC-84 surety bond cost?

How much does it cost? Our starting price for a $75,000 BMC-84 freight broker bond is $938 for a 1 year term. There are several factors that go into the pricing of the bond: Broker credit score.

How do I fill out a surety bond form?

How to Fill Out a Surety Bond Form Bond Number. The bond number is the unique identification number assigned to your bond. Bond Premium. This is the cost of your bond, typically calculated as a percentage of your bond coverage. Principal Name. Surety Name. State of Incorporation. Obligee Name. Bond Amount. Bond Obligation.

What are the three types of surety bonds?

There are many types of surety bonds, and each state has its own bonding requirements for different industries. However, there are three major types of surety bonds that you should know: license and permit bonds, construction and performance bonds, and court bonds.

Trec surety form 2025

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