California Third-Party Logistics Provider Bond ($25,000)
Secure your license through this bond!
What is a California Third-Party Logistics Provider Bond ($25,000)?
The California State Board of Pharmacy requires third-party logistics provider license applicants to submit this surety bond.
This requirement applies to both resident and nonresident third-party logistics providers.
The purpose of this bond is to ensure that the third-party logistics provider will promptly pay any administrative fine imposed by the California State Board of Pharmacy and to recover any unpaid amounts as well.
In addition, the license applicant is required to comply with the relevant provisions of the California Business and Professions Code when performing the following services:
Provide or coordinate “warehousing or other logistics services for a dangerous drug or dangerous device in intrastate or interstate commerce on behalf of a manufacturer, wholesaler, or dispenser of the dangerous drug or dangerous device, but does not take ownership of the dangerous drug or dangerous device, nor have responsibility to direct its sale or disposition.”
How much does a California Third-Party Logistics Provider Bond ($25,000) cost?
The bond premium starts at 1% of the bond amount for those who have excellent credit scores.
The bond amount is $25,000 for third-party logistics providers with annual gross receipts of $10,000,000 or less.
A copy of the company’s tax return for the previous year must be submitted to the California Board of Pharmacy to qualify.
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How can I get a California Third-Party Logistics Provider Bond ($25,000)?
STEP 1: You must first apply for this type of surety bond. If you are ready to do that now, you may APPLY HERE!
Once we have received your application, we will immediately start the bonding process. We will inform you about the important documents that you need to submit for the next step, which is the underwriting process.
STEP 2: An underwriter will take a thorough look at the following:
- Your financial strength
- Your job performance history
- Your credit score
STEP 3: After the underwriting process has been fulfilled, we will issue your surety bond and send it to you immediately!
How does a California Third-Party Logistics Provider Bond ($25,000) work?
This surety bond is a legal guarantee provided by two parties to another party. The two parties being the principal (third-party logistics provider) and the surety or the surety bond company that will issue the bond.
The obligee is the beneficiary of this bond. In this case, the obligee is the People of the State of California. No claim will be taken against this bond as long as the principal fulfills all the bonded obligations. If a default happens, the obligee will file a bond claim to recover the amount lost.
The surety will conduct an investigation first to know if the claim is valid. If it is, the surety will pay the obligee. The principal is legally required to indemnify the surety after.
Fast bond approval! APPLY NOW!