The given Infographic delineates the seven most popular commercial surety bonds. It is designed and presented by Suretegrity, an online bonding agency in America.
In most of the states, surety bonds are required as a prerequisite to carry out certain business activities. The purpose is to ensure that the concerned taxes are paid by the dealers, and manufacturers of the products.
One of the most popular and necessary surety bonds is Alcoholic beverages & tobacco tax surety bond. This bond is required by the local or state government to allow the manufacturers, wholesalers and dealers of Alcoholic beverages to get licensed. Alcoholic beverages involve high risks and high taxes, therefore before granting the License, the government makes sure that the person is capable of handling the responsibility. The surety company before handing out the bond to the applicant does its own exhaustive scrutiny and makes sure that the applicant is capable of handling high-risk business.
Agricultural & Citrus Surety Bond, Contractor’s License Surety Bond, Auto Dealer Surety Bond are other types of Surety Bonds.
The cost of buying surety bond varies and depends on a number of factors such as the Bond type, risk level of the applicant, duration and amount of the bond.
You can gather more information in this regard by visiting www.suretegrity.com
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