Screen Actors Guild – American Federation of Television and Radio Artists (SAG-AFTRA) Talent Agency Bond - $10,000
Talent agencies in California must first file a Talent Agency Bond with the SAG-AFTRA amounting to $10,000 to secure their business permits and activate their licenses. The bond will serve as a financial guarantee that the Principal (talent agency or agent) will work for the best interest of their clients, including but not limited to, actors, authors, writers, musicians, journalists, models, and even athletes.
What is a Talent Agency Bond?
The State of California requires talent agencies to acquire talent agency licenses from the Department of Industrial Relations to become a SAG-AFTRA franchised agent and a recognized, legal business entity. Aspiring talent agencies must first obtain a Talent Agency Bond as part of the talent agency license requirement. This bond will serve as an added protection for the clients.
What is the SAG-AFTRA Talent Agency Bond?
The SAG-AFTRA Talent Agency Bond is a specific type of commercial surety bond required by the Screen Actors Guild – American Federation of Television and Radio Artists for any aspiring talent agencies to establish a legal business and represent all kinds of artistic professionals like actors, models, writers, musicians, and other media professionals.
The bond represents two American labor unions – the Screen Actors Guild and American Federation of Television and Radio Artists – aiming to negotiate the best working conditions for their members, including the security of their literary and artistic property rights.
How does it work?
The bond must be issued by a surety bond provider certified by California’s Department of Insurance. The parties in the agreement are the Principal (talent agency or applicant), Obligee (SAG-AFTRA), 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 meet their payments or violate other licensing provisions. In such cases, the union can file a claim to collect their dues. 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 Surety 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?
Depending on the applicant’s experience, credit score, and license history, the SAG-AFTRA Talent Agency Bond may cost between $100 and $500. The bond itself is set at $10,000.
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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 talent agency license. If you are ready to start, 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!