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Auto Dealer Bond
Posted: April 9, 2012
Auto dealer bond also known as MVD bond, motor vehicle dealer bond, used car dealer bond is required by the State to obtain a dealership license. Auto dealer bond does not protect the used car dealer from lawsuits, but it protects the consumer from fraud or misrepresentation by the car dealer. Auto Dealer Bond guarantee compliance with state laws, each state sets its own bond amount and expiration date. Motor Vehicle Department charges a...
How to get a Auto Dealer License?
Posted: April 1, 2012
Auto Dealer License. Contact the Department of Transportation - Motor Vehicle Department ( MVD) or go to their Web site in your State. If you plan on doing any financing or arranging financing you also need a license from the Office of the Consumer Credit Commissioner. For a retail used car dealer, you must pay a license fee for dealer license application plus a fee per metal dealer...
What is a Surety Bond?
Posted: February 11, 2012
A surety bond is a contract among at least three parties: The obligee - the party who is the recipient of an obligation, The principal - the primary party who will be performing the contractual obligation, The surety - who assures the obligee that the principal can perform the task European surety bonds are issued by banks and are called "Bank Guarantees" in English and "Caution"...
Issuance of MVD Bonds by Surety Bond Company
Posted: January 23, 2012
Motor vehicle dealer bond forms major part of different kinds of surety bonds issued all over the world. Generally, everybody knows that surety bonds comprises lot of bonds, particularly motor vehicle dealer bond fetches more demand among the applicants. Motor vehicle dealer bond is considered has a more important and essential bond among the people. The main purpose of issuing surety bond, i.e. motor vehicle...
Surety Bond Cost and Benefits
Posted: January 23, 2012
Bonds play a major role in today's market. Bonds become more essential in construction industry for completion of their construction projects. Underwriting bonds involve great risk. But the surety company will write these bonds for the benefit of their customers. If bonds have been underwritten, it has following benefits. - The obligee gets a guaranteed performance of the contract from the principal and the surety....