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Tax Collector Bonds are required from individuals that collect taxes. Municipalities and other government agencies require this type of surety bond as a legally binding contract to ensure ethical and faithful work performance. With the contract, they also protect the public from illegal practices and potential frauds.
Like all surety bonds, tax collector ones include three parties that are legally bound together with the bond. The principal is the tax collector who needs to obtain the bond and ensure safety for the public. The obligee is a government agency that requires the bond from the tax collector in order to protect the public from financial losses and other frauds. The surety is the company that issues the bond and covers any claims that might be made against the bond. Depending on the contract, a surety fulfills the agreement (cover financial losses and similar) in case the principal fails to comply with it.
Tax collector bonds come in different forms because every jurisdiction has specific needs. For that reason, principals need to contact the government agency that requires the bond and ask for any specific terms. The obligee will provide the necessary information and determine the bond amount depending on the tax collector’s position and other factors.
A tax collector bond cost will depend on several factors, including the financial stability and credit score of the principal. The surety takes into account all this information and then determines the price of the bond. The tax collector bond amount goes as high as $100,000 but the price of the bond itself is somewhere from 2 to 7 percent of the entire amount. Principals with a good credit score qualify for the best and lowest tax collector bond rates.
A tax collector bond is required from the tax collectors to protect the public from any financial failures and frauds and ensure responsible handling of tax funds. This surety bond guarantees that individuals who collect taxes will comply with the law and handle their responsibilities accordingly. It also protects the public from poor financial decisions made by tax collectors as well as any unethical and illegal practices. If a tax collector or a principal breaches the contract, the surety is there to pay out the claim filed against the tax collector bond.
Bonding Solutions gives you an option to find a tax collector bond you need quickly and effortlessly. You can contact the company itself or use its website to find your state and specific bond. By filling out the free bond request, you get all the necessary information about your required bond in a few simple clicks.
Bonding Solution focuses on unique client needs and provides tailored bond programs to meet all your requirements. With a long experience in crafting surety bonds, the company offers the help you may need to run your business properly. Bonding Solution brings together a highly professional and dedicated team to compose the specific contract for your business and provide guidance when you need it.Get Started