Lumber Liquidators, Inc. Installation Provider Bond
Becoming an installation provider for Lumber Liquidators, Inc. is easier than you think! This surety bond can help!
What is a Lumber Liquidators, Inc. Installation Provider Bond?
You are required to get this surety bond if you are joining Lumber Liquidators, Inc.’s Program as an Installation Provider.
The purpose of this surety bond is to make sure that you will comply with the conditions of the Provider Agreement that you will sign.
Also, you will be required to perform your duties according to the local and state laws that pertain to the work that you will be doing.
How does a Lumber Liquidators, Inc. Installation Provider Bond work?
A Lumber Liquidators, Inc. Installation Provider Bond is a legal agreement among these three parties:
Principal – The person applying as an installation provider
Obligee – Lumber Liquidators, Inc.
Surety – the surety bond company that will issue this bond
The Principal is the party who will obtain this bond and who will be required to fulfill all the conditions listed in the Provider Agreement. The Obligee will require a guarantor that will compensate the Obligee in case the Principal fails to do.
The Surety will serve as that guarantor. The Surety will ensure that the Obligee will be able to recover its losses if the Principal violates any of the Provider Agreement’s conditions. When a violation occurs, the Obligee will file a claim against the bond. It is the duty of the Principal to resolve the claim first. If the Principal fails to settle the claim, the Surety will do it for the Principal.
Before the Surety settles the claim, an investigation will be made. The Surety will check if a violation has occurred and if the violation is covered by the bond. If the claim is proven valid, the Obligee will be paid by the Surety. After the Obligee is paid, the Principal must reimburse the Surety of the total amount paid.
How much does a Lumber Liquidators, Inc. Installation Provider Bond cost?
The bond cost is the amount that the installation provider must pay the Surety. The bond cost will range from 1% to 8% of the bond amount. This will depend on the installation provider’s credit score.
The bond amount will be determined by Lumber Liquidators, Inc.
How can I get a Lumber Liquidators, Inc. Installation Provider Bond?
- APPLY FOR THIS BOND HERE!
- Once we’ve received your application, we will ask you to submit the necessary information needed for the underwriting process. These are the following:
- Your financial capability
- Your business or job performance history
- Your credit score
An expert underwriter will carefully evaluate all three to attain the best credit decision possible. To avoid any delay, the information that you should submit should be organized and concise.
- You’ll be asked to sign an indemnity agreement. Once that’s done, the bond will be issued and sent to you!
Ready to apply? START HERE!