Santa Monica City Solicitor Bond
The City of Santa Monica requires professionals – whether individuals or institutions – soliciting for charitable causes of any nature. This bond is needed in order to secure permits corresponding to their projects and to activate these licenses. These requirements are needed to ensure the compensation of the city should accredited applicants cause any licensing infractions in the course of their activities.
What is a Solicitor Bond?
A solicitor bond, also known as paid solicitor surety bond, is a mandatory license and permit surety bond required for any person or institution that practices professional solicitations. This bond shall ensure that solicitors are following all the provisions of their licenses.
Normally, prior any solicitations, solicitors must disclose their organization’s information to the donor through printed material. They must also indicate their organization’s name as registered with the Attorney General and that they are a commercial fundraiser. Paid solicitors must also file a bond with the California Attorney General.
What is the Santa Monica City Solicitor Bond?
Prior the conduct of any soliciting activities within the City of Santa Monica, involved individuals and organizations must secure a solicitor bond. This bond will guarantee that applicants or solicitors will adhere to the rightful conduct of their activities to meet the corresponding City rules, regulations, standards, ordinances, and statutes.
How does it work?
The City of Santa Monica Permit Faithful Performance Bond must be posted to the California Attorney General and issued by a surety bond provider certified by California’s Department of Insurance. The parties in the agreement are the Principal (permit applicant or professional solicitor), Obligee (City of Santa Monica), and Surety/Bond Company or Obligor (surety bond provider or insurance).
The Surety Company will guarantee the compensation (performance bond) of the Obligee should the Principal fail to deliver agreed upon services or violate any licensing provisions. The Surety Company will receive and assess the validity of all public claims where claims may only amount to the total penal sum arranged 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 permit applicant or licensed business will ensure the full reimbursement of the claims, including legal fees and premiums. This agreement shall be made before the execution of the bond.
How much does it cost?
The Solicitor Bond of the City of Santa Monica is set at 0.5% of the total bond amount. Although the city does not require credit checks for this bond, surety providers will conduct their own credit reports as part of their underwriting.
Want to know your standing? Get your free 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.
Secure your bond as early as today to get your corresponding permits ready in no time. If you are ready to get your application 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!