Los Angeles California License/Permit Bond
Secure your license or permit through this surety bond!
What is a Los Angeles California License/Permit Bond?
The City of Los Angeles requires this type or surety bond before a license or permit is issued. This is used to ensure that the licensee or permittee understands the conditions of the permit or license.
This bond will also guarantee that the licensee or permittee will perform the duties outlined for that particular license or permit. In addition, this surety bond is pursuant to an ordinance or a statute.
A Los Angeles California License/Permit Bond can cover various types of businesses, professions, and contracts. Given the variety of industries that this surety bond covers, the regulatory requirements will vary as well.
How does a Los Angeles California License/Permit Bond work?
Every Los Angeles California License/Permit Bond has three parties:
Principal – the license or permit applicant
Obligee – the City of Los Angeles
Surety – surety bond provider
The Principal is the party who will post the bond and the party who is required to comply with the bond’s conditions. The Obligee is the party who is requiring this bond. The Obligee is also the party who will receive compensation if the Principal violates any of the bond’s conditions.
The Surety is the party who is providing guarantee regarding the Principal’s compliance. If a covered violation is committed by the Principal, the Obligee will be eligible to file a claim. It is the responsibility of the Principal to resolve any disputes. If the dispute is not resolved, the Surety will step in and perform the necessary investigation.
If the claim is covered by the bond and is proven to be valid, the Surety will pay the Obligee on behalf of the Principal. But after the payment has been made, the Principal must reimburse the full amount to the Surety.
How much does a Los Angeles California License/Permit Bond cost?
The bond amount will depend on the license or permit applicant’s credit score. The bond cost will typically start at 1% of the bond amount for those who have good credit scores.
You may still qualify for this bond even if you have a low credit score. We have a low credit surety bond program that will provide a fair bond cost for those who have low credit scores.
How can I get a Los Angeles California License/Permit Bond?
SEND US A BOND APPLICATION – We begin the bonding process with an application. You may send your application for this bond HERE!
UNDERWRITING – Once we have received your application, an underwriter will ask you to submit the following important requirements:
- Proof of your financial capability
- Your business’ history
- Your credit score
In order to avoid any delay, make sure that your requirements are complete prior to submitting them.
ISSUANCE – As soon as the underwriter has completed the necessary in-depth check, we will immediately issue the surety bond and send it to you!
APPLY HERE today!