$15,000 County of Sarasota Board of Commissioners Right of Way Use Bond

Businesses are required to file a $15,000 bond with the County of Sarasota Board of Commissioners (the "Obligee") to activate their license. The bond protects the Obligee by transferring to a surety bond company the cost of ensuring the public is compensated for damages resulting from a licensed business breaking licensing laws.

Right of Way Use Bond

State/Jurisdiction:
Classification:

How much does the County of Sarasota Board of Commissioners Right of Way Use bond cost?

County of Sarasota Board of Commissioners Right of Way Use bonds cost $100.

Is a Credit Check Required for County of Sarasota Board of Commissioners Right of Way Use Bonds?

Credit checks are not required for the County of Sarasota Board of Commissioners Right of Way Use bond.

Why is the County of Sarasota Board of Commissioners Right of Way Use bond required?

Businesses are required to purchase and file a $15,000 bond with the County of Sarasota Board of Commissioners to activate their license. The bond protects the Obligee by transferring to a surety bond company the cost of ensuring the public is compensated for damages resulting from the failure of a licensed business complying with the provisions of licensing laws.

How does the County of Sarasota Board of Commissioners Right of Way Use bond work?

County of Sarasota Board of Commissioners Right of Way Use bonds must be issued by an insurance carrier admitted by the FL Department of Insurance. The insurance company issuing any surety bond, such as the County of Sarasota Board of Commissioners Right of Way Use bond, will also be referred to as the “surety company” or the “bond company”. The business is referred to as the Principal, the surety bond company as the Obligor and the County of Sarasota Board of Commissioners as the Obligee.

The surety company provides the Obligee a guarantee (the surety bond) that the customers, vendors and employees of a licensed business will receive payment for financial damages due to a violation of licensing law up the bond amount stated on the bond form (“penal sum”). The bond company also directly receives claims from the public and determines the validity of claims. Ultimately, the licensed business owners are responsible for their actions and required by law to reimburse the surety company for any payments made under the bond or face indefinite license suspension.