Oregon Wholesale Produce Dealer Bond - $15,000
The dealers and sellers of wholesale produce in the State of Oregon are managed by the State’s Department of Agriculture. Wholesale produce includes products that are mostly grown or collected from farms; among which are dairy, meat, vegetables, fruits, and similar products.
The Oregon Produce Dealer Bond ensures that businesses adhere by the state’s licensing laws, specifically, the Oregon Revised Statutes 585.010.
What is the Oregon Wholesale Produce Dealer Bond?
The Oregon Produce Dealer Bond will ensure that a business will compensate for all necessary expenses in the event of a violation against the provisions of the bond and dealer license. The compensation will be initially shouldered by the surety bond company but will be reimbursed in full, including the premiums, by the business. The surety carrier is guaranteed legal protection as the grounds for reimbursement will be detailed in writing prior to the effectivity of the bond.
Aside from covering the expenses for the Obligee, the surety bond company will also be responsible for reviewing claims from the public to see if it is valid for compensation. For more information on licensing requirements, please visit the Oregon Department of Agriculture’s list of licenses.
Why do you need the Oregon Wholesale Produce Dealer Bond?
The bond is a pre-requisite prior to the beginning of a business or an individual that will act as a dealer or a seller for wholesale produce.
Also, the applicant is guaranteed the good reputation of their company; financial security and credential boost; available full line of credit; confidentiality of your transactions - unless required by law; and, access to professional advice or counseling from lawyers, estimators, and similar professionals.
How does the bond work?
The parties in the agreement are the Principal (wholesale produce dealer), Obligee (State of Oregon), and Surety/Bond Company or Obligor (surety bond provider). The bond must be filed with the Oregon Department of Agriculture and must be issued by a surety bond provider certified by the state’s Insurance Department.
How much does it cost?
Businesses that will deal wholesale produce are required to secure a total bond amount of $15,000 for the Oregon Wholesale Produce Dealer bond to activate their license.
The cost of the bond will depend on the employer’s credit score, industry experience, business history, and the surety provider’s background. You may expect the bond to be priced between $225 and $1200 and will normally follow this pricing structure:
| Premium Rate | Bond Cost |
|---|---|
| 1.50% | $225 |
| 2.00% | $300 |
| 2.50% | $375 |
| 4.00% | $600 |
| 5.00% | $750 |
| 7.50% | $1125 |
| 8.00% | $1200 |
How can I secure the bond?
Transact with a reputable surety company today and secure your Oregon Wholesale Produce Dealer 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 agents will help 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!