California Telephone Corporation Bond
Need information about this surety bond? Read on!
What is a California Telephone Corporation Bond?
Those who have been licensed or applying for a license to the California Public Utilities Commission (CPUC) as a Telephone Corporation is required to obtain this bond.
A performance bond such as this one is required to ensure that the telephone corporation will perform its duties in accordance with the relevant laws of the state.
One of those duties is to pay any monetary sanction imposed against the telephone corporation (its representatives and successors) in any CPUC enforcement proceeding brought under the California Public Utilities Code and California Public Utilities Commission’s Decisions.
The monetary sanctions include, but are not limited to, fines, fees, surcharges, taxes, penalties, and restitution.
This requirement is in pursuance of CPUC Decision 13-05-035.
How much does a California Telephone Corporation Bond cost?
The bond premium will depend on the telephone corporation’s credit score. Those who have excellent credit scores will be eligible to pay a low bond premium.
Bond premium ranges from 1.5% to 7% of the bond amount.
The bond amount is $25,000.
Check out your bond premium by getting your FREE SURETY BOND QUOTE HERE!
How can I get a California Telephone Corporation Bond?
Just follow this easy step-by-step process:
APPLY FOR THIS BOND:
If you are ready to do this now, you may APPLY HERE!
One of our expert surety bond agents will guide you through the entire process – from the time you have applied until the bond is issued to you.
ASSESSMENT OR PREQUALIFICATION PROCESS:
Next, you will be asked to submit a few important information that our underwriter requires to assess the following:
- Your job or business history
- Your credit score
- Your financial strength
To avoid any delays, make sure that you have gathered the right information needed before submitting your application.
After the indemnity agreement is signed, the bond will be issued and sent to you!
How does a California Telephone Corporation Bond work?
This bond is composed of 3 parties: Principal, Obligee, and Surety.
The Principal is the telephone company, the Obligee is the California Public Utilities Commission, and the Surety is the party who will provide the bond.
Through this bond, the Surety is guaranteeing that the Principal will faithfully and honestly pay any monetary sanction imposed against it due to a CPUC enforcement proceeding.
The Surety will also extend its credit to the Principal in case the Principal fails to promptly pay the sums due to the California Public Utilities Commission.
The Obligee can file a claim against the bond if the Principal defaults on its legal obligations. The claim’s purpose is to recover the amount that the Principal failed to pay. The claim will first be verified by the Surety before it is settled. Once the Surety has settled the claim, the Principal will reimburse the Surety for the payments made.
Get this bond ASAP! APPLY NOW!