Oregon Commercial Driving School Partnership Bond - $2,500
The State of Oregon requires commercial driving schools to apply for a $2,500 partnership bond in order to secure their permits and activate their licenses. These requirements are needed to ensure the compensation of the public should accredited businesses cause any licensing infractions, such as damages to public properties or accidents, during their business operations.
What is a Partnership Bond?
A partnership bond is a type of bond that names two individuals or people in partnerships as the Principal. It is deemed as a reliable source of income as the bond has a set interest amount settled periodically. It also has a term-to-maturity or the time when the surety carrier are paid the principal and the bond is finally settled to close.
What is the Oregon Commercial Driving School Individual Bond?
Prior securing the business license to operate commercial driving schools, the State of Oregon requires operators to secure a corporation bond in the amount of $2,500. The bond, in this case, is a guarantee that businesses will abide by the laws imposed by the State of Oregon and that the public will be compensated in the case of licensing infractions such as public property damages or accidents.
Visit Oregon’s Driver and Motor Vehicle Services office or their official website for more information.
How does it work?
The Oregon Commercial Driving School Partnership Bond must be filed with the Oregon Department of Transportation Driver and Motor Vehicle Services and must be issued by a surety bond provider certified by the Oregon Department of Insurance. The parties in the agreement are the Principal (applicant), Obligee (Oregon State Dept. of Transportation Driver and Motor Vehicle Services), and Surety/Bond Company or Obligor (surety bond provider or insurance).
The Bond Company will guarantee the compensation (performance bond) of the Obligee should the Principal fail to meet their standards or violate other licensing provisions. The Surety Company will assess the validity of claims, where claims may only amount to the total penal sum agreed upon in the bond form. The Principal shall reimburse all expenses covered by the Surety Company.
The Bond Company is secured through an indemnity agreement as the licensed business is mandated by law for the full reimbursement of the claims, including legal fees and premiums. This agreement shall be made before the execution of the bond and shall ascertain the businesses responsibility over their dealings.
How much does it cost?
While the total bond amount is set at $2,500, the Oregon Commercial Driving School Partnership Bond itself is normally at $100, depending on the surety carrier.
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How can I apply for this bond?
At Surety Bond Authority, we are committed to help you get your bond the fast and easy way. Follow our step-by-step procedure to help you get started.
If you want to secure your bond early, make sure to transact with a reputable surety carrier. You can APPLY HERE if you are ready to file for your bond and rest assured a qualified surety bond agent will guide you through the process of application until the issuance of your bond.
For the assessment, our underwriter will require the following information:
- Nature of your business
- Credit Score
- Financial strength
For a speedy processing of your bond application, make sure that you have collected and provided accurate information upon submission.
Once the assessment is done, we will promptly issue your bond and send it your way. Contact us today and get your bond issued in no time.