Popular Surety Bonds in Charlotte, NC
Overview of Charlotte Surety Bonds
Opening a business in Charlotte you may be required to obtain a license surety bond by the city itself or based on the state requirements. To open a dealership, for example, you will need to get a bond in order to fulfill the licensing requirements.
The Mecklenburg County Land Use & Environmental Services requires all contractors performing work within the city of Charlotte or Mecklenburg county to post a contract bond. Similarly, the Land Development Bond Administration in Charlotte also requires contractors to post such a bond to guarantee that they will perform work according to contract and city and state regulations.
Certain courts in Charlotte may require a court bond to be posted. Such bonds are required when a court ruling is being appealed or when a court appoints a fiduciary.
All bonds serve one and the same function - they guarantee that the bonded party will comply with the conditions of the bond agreement and with state regulations and requirements.
They also provide protection to the state and public by securing compensation in cases when a bonded party violates the bond agreement and causes losses or hams as a result. The compensation extended in such cases can be as high as the full amount of the bond.
If you’re new to surety bonds, see our ‘What is a surety bond’ guide to get a better grasp how they work and why they are required.
Below you can find more detailed information about the cost of bonds in Charlotte and how to apply for your bond.
You can also call us at 866.450.3412 if you prefer to speak to one of our professionals personally.
Surety Bond Cost in Charlotte
Your bond's cost is a fraction of the full amount of the bond you need to get. For example, to open a car dealership, you will need to post a $50,000 bond to the North Carolina DMV. The cost of posting the bond is not equal to its amount, though.
Bond cost is determined by the surety when you apply for your bond and is based on your personal credit score. The surety uses your score a predictor of the likelihood of a claim arising against your bond. The higher your score, the lower the risk for the surety and the lower your bond rate. Sureties also consider other financial factors when you apply but your score is the most important among them.
Typically, credit scores above 700 FICO are considered good and are offered low rates. To find out how much the cost of your bond may be, complete and submit the bond application form. We will provide you with an entirely free quote on your bond along with further information on getting bonded.
Bonds With Bad Credit
You can get bonded despite having a low credit score! We’ve designed our Bad Credit Program to accommodate those applicants who have lower scores and are considered a greater risk by sureties.
Due to the lower score, you will likely be required to pay a higher rate. Yet, all bonds under this program are issued by our professional surety partners, and thanks to our wide range of options we provide all our clients with the lowest possible rates on their bonds.
See the program page for more information about getting bonded with a lower score, and to request a free quote!
Apply for Your Bond Today!
Want to apply for a bond in Charlotte? Fill in and submit the bond application form to get started! We’ll contact you shortly with a free quote on your bond and further explanations about finalizing your application.
Once your final application is processed, you can expect your bond to be issued within two working days, and be on its way to you via standard mail. Once it is issued we will also provide you with a digital copy straight away.
Our bond professionals are available to you at 866.450.3412. Call us if you have any questions about your bond or need help with your application!