Placentia City Solicitor Bond
Any individual or organization who plan or manage charitable fundraising campaigns must file for a solicitor bond in their city. It is an agreement that the fundraiser will be conducted according to standards. It protects the charitable organization who receives the funds and the solicited parties as well.
What is a Solicitor?
A Solicitor is any person who conducts, plans, manages or carries on drives or campaigns for charitable organizations. They are also sometimes referred to as a Professional Solicitor or a Professional Fundraiser. Depending on the state, the definition of a professional solicitor may vary. In some cases, fundraising consultants, counselors, and grant writers may be considered professional solicitors.
What is the Placentia City Solicitor Bond?
Government entities, such as Placentia City, require parties that act as professional fundraisers or solicitors to secure a Solicitor Bond. It is a type of license and permit bond that acts as a pre-requirement for solicitors to obtain their license to perform any form of fundraising campaigns. The Placentia City Solicitor Bond protects the consumers (solicited parties) and the recipient of the designated fundraising such as charities or religious organizations. It ensures that the funds appropriately go to the right party in case of any complication.
How does it work?
For fundraisers to receive their license to solicit, they must purchase and file a Solicitor Bond with the City of Placentia. The surety bond carrier that issues the Placentia City Solicitor Bond must be certified by the California Department of Insurance. The parties in the agreement are typically the Principal (business or property owner), Obligee (City of Placentia), and Surety/Bond Company or Obligor (surety bond provider or insurance).
Under the bond, the Principal or business owner agrees to provide compensation to the Obligee (City of Placentia) should they fail to comply to terms and conditions. The role of the Obligor is to guarantee that the compensation takes place. The Obligor 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 Obligor.
The Obligor 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?
Depending on the business owner’s experience, credit score, and license history, the City of Placentia Solicitor Bond may cost around 0.5% of the total bond amount.
Want to know your standing? Visit here and get your surety bond quote 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 city solicitor bond, be sure to transact with a reputable surety company early. 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 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!