Butte County Cannabis/Marijuana Surety Bond
Why do you need to secure a Butte County Cannabis/Marijuana Surety Bond?
A Butte county cannabis bond must be purchased before one can legally begin the cultivation and/or processing of industrial hemp in the county.
Accordingly, the Principal must post a bond to the Butte County Agricultural Commissioner under Chapter 34D-5 (a)(7) of the Butte County Code to cover the cost of abatement of non-compliant industrial hemp crop in violation of applicable laws and regulations.
How does a Butte County Cannabis/Marijuana Surety Bond work?
This surety bond guarantees to the Obligee that the Principal will faithfully execute the duties specified by the state or municipality issuing the license, as well as follow all relevant laws.
If the Principal fails to fulfill any of the bonded duties, a breach of contract happens. The Obligee would be able to recover the losses it incurred by filing a bond claim in this situation.
If the claim is valid, the Surety will pay the Obligee up to the bond's penal sum. As part of the indemnity arrangement, the Principal must repay the Surety.
What is the cost for securing this Surety Bond?
The bond premium is determined by the value of the Butte county cannabis bond. The "Bond Premium" refers to the price you will pay for this surety bond which in this case, is typically $250 or less. The Premium has no fixed price and is calculated by a number of factors.
How do you obtain this Surety Bond?
The principal must seek the help of a surety bond company to obtain this type of bond.
You will be expected to fill out an application for this bond. If you're ready to apply right now, you can do so easily HERE!
The surety bond company will process the application as soon as it is submitted. From the moment you apply for the bond, one of our expert surety bond agents will take you through the entire process.
The following will be evaluated by an underwriter:
- Your financial strength
- Your job/business performance history
- Your credit score
Don’t delay your application. Begin by getting your FREE surety bond quote today!