What is an Oklahoma Freight Bond?
As end-users engage themselves in new markets, they now demand much more than conventional transport and warehousing services from their freight forwarders and contract logistics providers. The capacity to provide fresh, value-laden services like profits management and light manufacturing has now become a differentiator.
But because firms in this industry are confronted with manifold risks, specifically in light of sustained worldwide economic volatility, they need to resort to more value-added strategies to really differentiate themselves from the competition. That one differentiator is the Freight Broker Bond.
The Oklahoma Freight Broker Bond is an unambiguous demonstration of financial capability and a categorical assertion to meet responsibilities and potential claims. It is likewise an assurance that in the conduct of one’s business, the values of reasonable, judicious, and ethical freight forwarding and brokering methods are strictly and thoroughly practiced.
The bond likewise serves as a warranty to clients and partners that the freight brokering company is suitably licensed by the Federal Motor Carrier Safety Administration. The bond is also a strong indicator that actions and transactions performed to conform with Oklahoma’s laws and all other related regulations of freight brokering.
Why do you need an Oklahoma Freight Bond?
You need the Oklahoma Freight Broker Bond because you want to stay in the industry for good. As the bond will add status to your name, your company will be known as a trustworthy freight broker organization in Oklahoma.
Most importantly, a freight broker bond will assure you of the peace of mind you need knowing fully well that if someone in your employ commits any unethical act, the aggrieved client can demand damages without harming company investments.
More details about the Oklahoma Freight Bond
Before getting bonded, freight brokers engaged in interstate business must apply for a broker authority from the Federal Motor Carrier Safety Administration using the Unified Registration System. You need to comply with the $300 application processing fee and wait for 4 to 6 weeks for processing.
Once bonded, your proof of surety must be filed using Form BMC 84. On the other hand, proofs of an existing trust fund with a financial institution must likewise be filed using Form BMC 85.
How much does an Oklahoma Freight Bond cost?
The Oklahoma Freight Broker Bond amount has been placed at $75,000 effective 2013. The bond premium rests on your previous financials and credit standing. It can also be impinged by past business performance, personal profile, standing within the business community, most especially in the surety bond industry.
Being convicted of a crime, even if it happened decades ago, also matters in the determination of how much you should pay.
How do I get an Oklahoma Freight Bond?
Getting an Oklahoma Freight Broker Bond is simple. Contact authentic surety bond practitioners to avoid having your project or business launch stalled and who can provide you fast and efficient bonds.