Oregon School Authorized to Confer Degree Bond
The ability of a school to confer a degree to its students gives it credibility and the privilege to remain as an institution. In the case of legal repercussions because an institution will be unable to do so, the Oregon School Authorized to Confer Degree Bond will be used to pay for damages.
What is the Oregon School Authorized to Confer Degree Bond?
The Oregon School Authorized to Confer Degree Bond will ensure that a surety bond company will pay for the needed compensation in the case of a company’s violation to comply with a licensing law with the grounds stated on the bond form. Aside from paying for the needed compensation, the surety bond company will also be responsible for reviewing claims from the public to see if it is valid for compensation.
The Principal, or the business, however, is still responsible for the financial loss that the Surety Bond Company will face in the case of the former being sued. The former will be required to compensate the latter for any type of payments were made as long as it is within the grounds of the bond. If the Principal fails to do so, their license may be suspended. The laws of Oregon mandates that the bond must be maintained annually.
Why do you need the Oregon School Authorized to Confer Degree Bond?
The bond is required for a school to be considered Authorized to confer legally following the provisions of Oregon Revised Statutes 348.613. Aside from this, you are guaranteed the good reputation of your company, financial security and credential boost, available full line of credit, confidentiality of your transactions (unless required by law), and access to professional advice counseling from lawyers, estimators, and similar professionals.
How does the bond work?
The parties in the agreement are the Principal (school or applicant), Obligee (State of Oregon), and Surety/Bond Company or Obligor (surety bond provider). The bond must be filed with the Oregon Higher Education Coordinating Commission and must be issued by a surety bond provider certified by the state’s Insurance Department.
How much does the Oregon School Authorized to Confer Degree Bond cost?
You may expect the bond to be priced between 1.5% and 5%. To give you a better picture, the premium rates will largely depend on the following:
- employer’s credit score
- industry experience
- business history
- surety provider’s background
How can I secure the bond?
Transact with a reputable surety company today and secure your Oregon School Authorized to Confer Degree Bond the fast and easy way. If you have more questions or are in need of more information, get in touch with us today.
Make sure you have gathered and provided accurate information on the following for the speedy processing of your application:
- Nature of your business
- Credit Score
- Financial strength
Rest assured our expert surety bond agent will guide you from the time of your application until the issuance of your bond. Once the assessment is done, we will promptly issue your bond and send it your way!