New York Concessionaire Performance Bond
The financial guarantee you need to start your business!
What is a New York Concessionaire Performance Bond?
The New York State’s Office of Parks, Recreation, and Historic Preservation requires concessionaires to obtain and submit this bond before they can provide concessions within the permitted area.
The concessions can run the gamut—from food kiosks to conducting concerts. The purpose of a concessionaire bond is to make sure that the concessionaire will comply with the rules and regulations set forth by the New York State’s Office of Parks, Recreation, and Historic Preservation. This bond will also ensure that the concessionaire will faithfully perform their obligations.
This bond will also serve as a security deposit in case the concessionaire commits any wrongdoing or acts that are against the bonded conditions.
How much does a New York Concessionaire Performance Bond cost?
The bond cost or bond premium will depend on the credit score of the concessionaire and the bond amount.
The bond amount will be determined by the New York State’s Office of Parks, Recreation, and Historic Preservation.
If the concessionaire has an excellent credit score, he or she will only pay as low as 2% of the bond amount as the bond premium.
For example, if the bond amount is $5,000, and the concessionaire who is applying for this bond has a credit score of 830, the bond premium will be $100.
$5,000 x .02 = $100
How can I get a New York Concessionaire Performance Bond?
Here’s a step-by-step bonding process that we have made easier so that you can get your bond in no time:
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.
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
After the indemnity agreement is signed, the bond will be issued and sent to you!
How does a New York Concessionaire Performance Bond work?
This bond has three parties. The principal is the party who will obtain the bond and the party is required to perform all the pre-determined conditions stated in the bond.
The Obligee is the party who is requiring the bond and who will benefit from a bond claim. The role of the surety is to assure the obligee that the principal is capable of fulfilling the obligations.
When a claim is made against the bond, the surety will first evaluate the claim. The surety will pay the obligee if the claim is valid. After the payment has been settled by the surety, the principal will be asked to reimburse the said payment.
Ready to apply? START HERE!