City of Turlock License and Permit Bond
License and Permit bonds are required by Turlock City. It guarantees that the applicant or business will operate according to city ordinances. Before being granted a license, the business must first be bonded.
What is covered under these permits and licenses?
The City of Turlock issues several obligatory permits and licenses before businesses can secure their business permit and conduct projects affecting the public property. These permits and licenses ensure standards are met and that the public will be compensated accordingly should accredited businesses cause any licensing infractions, such as damages to public right-of-way, in the course of the project. Applications may call for the review of the Development Services, Health, Fire, Police and other regulatory departments.
What is a License and Permit Bond?
A License and Permit Bond is also called a ‘commercial bond’. Under the bond, the business agrees to operate in accordance with local laws and regulations to protect customers and the City of Turlock from financial damages.
License bonds helps prevent fraudulent practices committed by the business under the bond therefore ensuring that the government and consumers are compensated.
Before any business is allowed to operate, they are mandated by law to purchase and file for a License and Permit bond with the City of Turlock. The details of the license and permit bond depends on the industry of the business.
Our surety bond experts can help you identify the requirements of applying for said bond.
How does it work?
The bond must be issued by a surety bond provider certified by the County of Tulare. The parties in the agreement are the Principal (business or permit applicant), Obligee (Turlock City), and Surety/Bond Company or Obligor (surety bond provider or insurance).
The Obligor will guarantee the compensation (performance bond) of the Obligee should the Principal fail to meet their standards or violate other licensing provisions. The Surety Company will assess the validity of claims, where claims may only amount to the total penal sum agreed upon in the bond form. The Principal shall reimburse all expenses covered by the Surety Company.
The Bond Company is secured through an indemnity agreement as the licensed business is mandated by law for the full reimbursement of the claims, including legal fees and premiums. This agreement shall be made before the execution of the bond and shall ascertain the businesses responsibility over their dealings.
How much does it cost?
Typically, to obtain a City of Turlock License and Permit Bond, you will have to pay 1-5% of the total bond amount.
To get a quotation of your bond, visit here and get your surety bond today!
How can I apply for this bond?
At Surety Bond Authority, we are dedicated to help you get your bond the fast and easy way. Here is a step-by-step guide to help you get started.
To secure your licenses and permits, you are going to have to secure your bond as early as possible. If you are ready to get yours processed today, you can APPLY HERE. Rest assured our expert surety bond agent will guide you from the time of your application until the issuance of your bond.
In the assessment phase, our underwriter will need the following information:
- Nature of your profession or business
- Credit score
- Financial strength
For the speedy processing of your application, ensure you have gathered and provided accurate information upon submission.
Once the assessment is done, we will promptly issue your bond and send it your way. Contact us today and get your bond issued in no time!