What is a North Dakota Roving Grain Buyer Bond?
At present, the Public Service Commission has given licenses to 383-grain warehouses and 81 roving grain buyers. The standard storage capacity of licensed public grain warehouses in North Dakota is currently at 1,229,500 bushels, which has more than doubled in size since 2000.
A North Dakota Roving Grain Buyer’s Bond is a fail-safe security required by the North Dakota Public Service Commission from grain buyers who are legally conducting business within the state.
This bond likewise guarantees that the roving grain buyers will dependably and rigorously carry out all duties in compliance with the laws and rules set by the North Dakota Public Service Commission (Chapter 60-02.1 of the North Dakota Century Code, including paying for all grain purchased or marketed.
Why do you need a North Dakota Roving Grain Buyer Bond?
You need the North Dakota Roving Grain Buyer’s Bond because you care about your reputation and your business. With this bond, clients will have confidence in getting your services thereby making you an attractive business person to work with. The bond can boost your vocational integrity and will allow you to be recognized as a responsible authority in your area of endeavor.
How much does a North Dakota Roving Grain Buyer Bond cost?
The North Dakota Roving Grain Buyer’s Bond amount ranges from $50,000/min – $1,500,000/max – based on total capacity of all facilities licensed by an entity. Roving grain buyer’s bond amounts are determined by the volume of grain handled, sold and received by the grain buyer, but cannot be in an amount less than $5,000.
Premium payments will be determined by the roving grain buyer’s credit score and financial history. Likewise, the profile of the roving grain buyer including his/her reputation as a member of the community will be strong factors in the decision of how much the premium will be for this bond.
How do I get a North Dakota Roving Grain Buyer Bond?
Obtaining a North Dakota Roving Grain Buyer’s Bond is an easy process. Just choose the services of a genuine surety professional and give them a call! With Surety Bond Authority, you will have the answers you need and the solution to whatever concerns you have in protecting your business.