What is a Washington Wholesale Fish Dealer Performance Bond?
Understand what this bond is for and how to get one easily!
The Washington Department of Fish and Wildlife, by Chapter 77.65.320 of the Revised Code of Washington, requires persons who are intending to become licensed as wholesale fish dealers within the state to post a performance surety bond.
A performance surety bond’s purpose is to ensure that the wholesale fish dealer will properly perform his or her duties by the rules and regulations that govern wholesale fish dealers in Washington.
What is the bond amount?
The bond amount should be $1,000 for each buyer of the wholesale fish dealer. However, the bond amount should not be less than $2,000 or more than $50,000.
For example, the wholesale fish dealer has eight buyers; the bond amount will be $8,000.
Those who have excellent credit scores may qualify for a very low bond premium. The bond premium amount starts at $100!
Find out what you need to pay by getting your FREE quote here!
What are the bond conditions?
- The bond will be a legally binding agreement between these three key parties:
- Principal – The wholesale fish dealer applying for the license
- Obligee – The Washington Department of Fish and Wildlife
- Surety – the surety bond company who will issue the bond
- The bond must be issued by a surety bond company licensed to conduct business in Washington such as Surety Bond Authority
- The bond should be made payable to The Washington Department of Fish and Wildlife
- The license applicant/wholesale fish dealer will comply with all the provisions of Chapter 77.65 of the Revised Code of Washington and all the other applicable rules and regulations
- In case of a valid violation, the aggrieved party or the Washington Department of Fish and Wildlife will be eligible to file a claim on the bond for the benefit of the wholesale fish dealer’s buyers
- The wholesale fish dealer should inform the Washington Department of Fish and Wildlife within seven days of engaging additional fish buyers
- The Director of Washington Department of Fish and Wildlife may suspend or may not reissue the wholesale fish dealer’s license if the required bond is not submitted
- The bond will remain valid as long as the wholesale fish dealer is legally conducting his or her business in Washington
- In case of cancellation, a 45-day notice is required
How can I obtain this bond?
You can get a Wholesale Fish Dealer Bond by submitting an application to us!
If you’re ready to apply now, you may do so here! Don’t worry; we will guide you through the whole process!
You will be asked to submit pertinent information needed for the underwriting process. This will include the following:
- Your financial history
- Your job performance history
- Your credit score
An underwriter will carefully evaluate all those. Once done, we will issue the bond and send it to you immediately!
Let’s secure the success of your business today! Call us today!