What is a Florida Business Opportunity Seller Bond?
Help someone achieve his or her dream business through this surety bond!
Business opportunity sellers that assure the purchaser the following are required to submit a surety bond:
- That the purchaser will obtain income from the business opportunity which will be greater than the price paid or the rent charged for the said business opportunity
- The business opportunity seller has guaranteed a refund of all or a portion of the price paid or rent charged for the business opportunity
- The business opportunity seller assures the purchaser that he or she will repurchase the equipment, products, chattels, or supplies if the purchaser is not satisfied
If the bonded business opportunity seller fails to fulfill any of the aforementioned assurances that he or she has made to the purchaser, the Obligee of the bond will be eligible to file for compensation on behalf of the purchaser.
This requirement is in pursuance of Section 559.807 of the Florida Statutes and is enforced by the Florida Department of Agriculture and Consumer Services.
What is the Business Opportunity Seller Bond amount?
The bond amount should not be less than $50,000.
Got a great credit score? You will be eligible to pay as little as 1% of the bond amount!
Get your FREE SURETY BOND QUOTE HERE in order to know your bond premium!
How can I get a Business Opportunity Bond?
You can easily get one by simply applying for this surety bond! Here’s a step-by-step guide on how to get this surety bond:
Submit a surety bond application to us! Once we have received your application, we will inform you about the important information or documents that you must submit to move forward to the next step of the bonding process, which is underwriting.
During the underwriting process, our expert underwriter will assess the following:
- Your financial capability
- Your business or job performance history
- Your credit score
It is important to provide us with clear and organized information to prevent any delays. Our expert underwriter will check everything that you have submitted, and once that is finished, we will immediately send the bond to you!
What are the surety bond conditions?
- The surety who will issue the bond should be authorized to do so in the State of Florida
- The surety bond should be made payable to the Florida Department of Agriculture and Consumer Services
- The business opportunity seller must obey the provisions of Chapter 559 of the Florida Statutes, as well as the rules and regulations of the Florida Department of Agriculture and Consumer Services
- If the business opportunity seller defaults on his or her lawful obligations, the Obligee of the surety bond will be eligible to file a claim against the surety bond
Ready to apply for your surety bond? START HERE!