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What is the purpose of a contract bond?

A contract bond is a guarantee the terms of a contract are fulfilled. If the contracted party fails to fulfill its duties ing to the agreed upon terms, the contract owner can claim against the bond to recover financial losses or a stated default provision.

What are the conditions for a bond in Georgia?

Those conditions normally involve refraining from using or possessing alcohol, firearms, and drugs (unless prescribed by a physician) while out on bond, not violating any other laws while out on bond, and in cases of violence, having no contact with the victim in the case.

How much does it cost to get bonded in the state of Georgia?

Georgia certificate of title bond costs start at $100. The exact cost will vary depending on the surety bond amount required by the Georgia Department of Revenue Motor Vehicle Division. Bond amounts from $5,000 to $50,000 cost $15 for every $1,000 of coverage, starting at $100.

What is the purpose of a bond application?

A surety bond application is a form required by the surety carrier. It provides the basic information needed about the bond and the principal for the approval process. It also often serves as the legal contract between the surety carrier and the principal.

What is the purpose of being bonded?

Bonded means that you have purchased a surety bond to protect your business against claims of shoddy, incomplete work, or allegations of theft and fraud. A surety bond has three parties: Principal, which is the business buying the bond. Obligee, which is the client requesting the bond.

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Why do I need a bond?

A bond pays your clients back when a contract is broken, while insurance covers the cost of accidents and lawsuits. You may need a bond to work with certain clients, or to get a license for your profession.

What is the meaning of bond form?

A bond form with regard to surety bonds is the document that states the purpose of the bond, the bond penalty, the term, outlines the conditions of the bond, and specifies the parties involved in the agreement. The bond form is a legal document and must be accepted by all parties to the agreement.

What do you need to get a title bond in Georgia?

The following information is required: Completed and signed Form MV-1 Title/Tag Application. Completed and signed Form MV-46 Certificate of Title Bond. Completed and signed Form MV-46A Certificate of Title Bond Affidavit. Completed and signed Form T-22B Certification of Inspection.

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