What is an Arizona Aircraft Dealer Bond?
The Arizona Aircraft Dealer Bond exists as a response to the Arizona Department of Transportation’s requirement calling for all aircraft dealers to file a $10,000 surety bond with the Aircraft Registration Unit of the said department. It is likewise a written pledge that aircraft dealers will conform to all state regulations, ordinances, and all related laws.
Also, the bond is a display of good faith on the part of aircraft dealers telling all customers, business associates, and industry partners, that they exist for the long haul and will not engage in any detrimental transactions that are inimical to public safety and welfare.
An Arizona aircraft dealer surety bond also inhibits aircraft dealers from carrying out illegal sales, failing to tax returns, interest disbursements, fines, and other associated charges judiciously. The Arizona Aircraft Dealer Bond also serves as a warranty to patrons that the aircraft dealer will meet all provisions stipulated in the sales contracts and will not infringe the specifics of the sales agreements as mandated within the Arizona Revised Statutes, Title 28 - Chapter 25.
Why do you need the Arizona Aircraft Dealer Bond?
You need an Arizona Aircraft Dealer Bond you want to protect your business name and image while servicing your clients. You need this bond because you want to stay in the industry for a long time and earn respect among your peers.
The bond can make your company very attractive to customers because consumers want to hire the services of someone they can trust. Finally, an Arizona Aircraft Dealer Bond can provide you the peace of mind you need knowing fully well that if an untoward incident happens, the bond will protect the client.
More details about the Arizona Aircraft Dealer Bond
Aside from getting bonded, your aircraft must be recorded in Arizona before any sales transaction can take place. In the registration, it is not just the aircraft but also the type of aircraft must be disclosed and noted in the registration process and on all relevant forms.
If a person is found infringing the provisions of the bond contract or any of the stipulations within the Arizona Revised Statutes, Title 28 - Chapter 25, these individuals are guilty of a Class 6 Felony.
What is the cost of an Aircraft Dealer Bond?
Bond amounts vary from state to state. Likewise, the amount of your bond premium will depend greatly on your credit score and financial history. If you have problematic transactions in the past, you may be required to pay a higher premium.
How do I get an Aircraft Dealer Bond?
Getting a bond is easy. However, be sure to contact only genuine professionals in the field of surety. Give Surety Bond Authority specialists a call, and you will have the answers you need and the solution to whatever concerns you have in protecting your business.