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S. 318. 1 or as the rule or statute may be amended. Such termination is not effective until this obligation is released by the Surety Department of the Conservation Division. Provided however the aggregate liability of the surety hereunder shall in no event exceed the sum of this bond. Witness our hands and seals this day of 20. Signature of Principal Officer Type or Printed Name of the Officer Listed Above Affix the Surety Company Seal Here Sign.

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An Oil or Gas Well Operator Bond is required by the laws of the State of Oklahoma and the General Rules and Special Orders of the Corporation Commission. The surety bond is for those engaged in the operation and/or plugging of oil, gas, injection, disposal or service wells.

What Is an Oklahoma Surety Bond? As in all U.S. states, many types of businesses are required to post an Oklahoma surety bond to ensure their legal operation in the state. The purpose of surety bonds is to protect the state, and the general public, from fraudulent activities on the side of individuals and businesses.

Surety is evidence of financial ability to comply with the requirements for plugging, closure of surface impoundments, removal of trash and equipment established by the Commission and Law. See Title 52 § 318.1 or read Chapter 10 rules. Categories and Types of Surety.

The Oklahoma Corporation Commission regulates the exploration and production of oil and gas, the storage and dispensing of petroleum based fuels and the operation of intrastate transportation in Oklahoma. The OCC also establishes rates and services of public utilities and oversees the conservation of natural resources.

There are many types of surety bonds, and each state has its own bonding requirements for different industries. However, there are three major types of surety bonds that you should know: license and permit bonds, construction and performance bonds, and court bonds.

A type of surety bond, oil and gas bonds are an agreement between a principal (oil and gas well operators), an obligee (the state), and a surety (the bonding company). These bonds are designed to ensure the completion of a project if the operator/contractor defaults.

What is an Oklahoma notary bond? Oklahoma Statute §49-2 requires individuals file a $1,000 surety bond as part of the notary commission application process. These bonds ensure individuals perform their notarial duties ing to state laws.

The surety bond requires the principal to sign an indemnity agreement that pledges company and personal assets to reimburse the surety if a claim occurs. If these assets are insufficient or uncollectable, the surety pays its own money to satisfy the claim.

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© Copyright 1997-2025
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232