$10,000 Fulton County Solid Waste Collection and Disposal Performance Bond

Businesses are required to file a $10,000 bond with the Fulton County (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.

Solid Waste Collection and Disposal Performance Bond

State/Jurisdiction:
Classification:

How much does the Fulton County Solid Waste Collection and Disposal Performance bond cost?

Fulton County Solid Waste Collection and Disposal Performance bonds cost $100.

Is a Credit Check Required for Fulton County Solid Waste Collection and Disposal Performance Bonds?

Credit checks are not required for the Fulton County Solid Waste Collection and Disposal Performance bond.

Why is the Fulton County Solid Waste Collection and Disposal Performance bond required?

Businesses are required to purchase and file a $10,000 bond with the Fulton County 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 Fulton County Solid Waste Collection and Disposal Performance bond work?

Fulton County Solid Waste Collection and Disposal Performance bonds must be issued by an insurance carrier admitted by the GA Department of Insurance. The insurance company issuing any surety bond, such as the Fulton County Solid Waste Collection and Disposal Performance 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 Fulton County 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.