What is a North Carolina Cosmetic Art School Guaranty Bond?
Know the who, what, and why of this surety bond today!
What is a Cosmetic Art School Guaranty Bond?
A surety bond is a legally-binding contract of guarantee that involves three parties:
- Principal or the Cosmetic Art School
- Obligee or the Students of the Cosmetic Art School
- Surety or the person or company that will act as the Principal’s guarantor
A surety bond is a license requirement that will ensure the fulfillment of the Cosmetic Art School’s obligations to its students.
This will include receiving instructions, academic services, and other services that are related to the course that the student has enrolled and paid for.
Any default committed by the Cosmetic Art School will give the Obligee the right to recover the amount lost by filing a bond claim.
It will also be conditioned that the surety bond will cover any losses pertaining to the potential bankruptcy of the Cosmetic Art School or once it has ceased its operation.
What is the Cosmetic Art School Guaranty Bond amount?
The bond amount should be equivalent to the maximum amount of prepaid tuition during the last fiscal year.
The minimum bond amount is $10,000.
If you know your bond amount now and would like to find out what your bond premium will be, you may get your FREE SURETY BOND QUOTE from us HERE!
Those who have excellent credit scores will be eligible for a very low bond premium!
How can I get a Cosmetic Art School Guaranty Bond?
You can easily get this surety bond from us! We will guide you through the entire process. We’ll make sure that you will understand what you are getting into.
Here’s how to do get bonded:
- You have to send an application to us. If you are ready to do that now, you may APPLY HERE!
- After we have received your application, we will ask you to submit the necessary information needed for the underwriting process. These are the following:
- Your financial capability
- Your business or job performance history
- Your credit score
An expert underwriter will carefully evaluate all three in order to attain the best credit decision possible. To avoid any delay, the information that you should submit should be organized and concise.
- Your surety bond will be issued and sent to you!
What are the surety bond conditions?
- The surety bond agent or company should be authorized to conduct business in the State of North Carolina
- The bond should be made payable to the Students (or any person entitled to a refund) of the Cosmetic Art School
- The licensed Cosmetic Art School is obligated to obey the provisions of Chapter 88B of the North Carolina General Statutes as well as the rules and regulations of the North Carolina Board of Cosmetic Art Examiners
- If the licensed Cosmetic Art School commits a violation, the aggrieved party will be eligible to file a claim against the bond