Il bond form get 2025

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The document is a Surety Bond Form issued by the Office of the Secretary of State, Driver Services Department in Illinois. It outlines the obligations of a Principal applying for a Driver Training School license, ensuring compliance with the Illinois Vehicle Code and protecting Obligees from losses due to breaches of the bond. The bond specifies conditions under which it remains valid and details procedures for termination.

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How much does a $20,000 surety bond cost?

Surety Bond Cost Table Surety Bond AmountYearly Premium Excellent Credit (675 and above)Bad Credit (599 and below) $20,000 $200 - $600 $1,000 - $2,000 $25,000 $250 - $750 $1,250 - $2,500 $30,000 $300 - $900 $1,500 - $3,0007 more rows

How do I get a bond in Illinois?

How to Obtain Illinois Bonds. Bonds can be obtained by a person/business by applying to a surety company. With bonds being commonly used and sometimes required in several industries, the process of applying and obtaining them has been made much easier. Applications can now be made online or over the phone.

How do I file a bond claim in Illinois?

A Bond Claim Must be filed within 180 days from the last date of furnishing work or materials on the job. Must be served in writing on the Secretary of Transportation, with copies to the prime contractor, subcontractor and the bonding company. May need to be followed up by a lawsuit.

How much does a $5000 surety bond cost?

For applicants with good credit, surety bonds usually cost between 1% and 5% of their value. Therefore, for a surety bond of $5,000, an applicant with a strong credit history can expect to pay between $50 and $250.

How do you calculate surety on a bond?

To determine the premium, the surety provider considers the applicants credit history, industry experience, financial statements, and the type and size of the bond required. The premium is typically a percentage of the bond amount, often ranging from 1% to 5% annually. A standard rate is 2.50% to 3.00%.

How much does it cost for a $10,000 surety bond?

On average, the cost for a surety bond falls somewhere between 1% and 15% of the bond amount. That means you may be charged between $100 and $1,500 to buy a $10,000 bond policy. Most premium amounts are based on your application and credit health, but there are some bond policies that are written freely.

Il bond form get 2025

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