Illinois Bond-Surety is a type of surety bond required by the state of Illinois to protect the public from any financial loss due to the failure of a contractor or other business to perform the duties outlined in a contract. There are three types of Illinois Bond-Surety: Performance Bond, Payment Bond, and Bid Bond. A Performance Bond guarantees that a contractor will complete the project according to the terms of the contract. A Payment Bond guarantees that all subcontractors, laborers, and suppliers will be paid in full as outlined in the contract. A Bid Bond guarantees that the contractor will be able to complete the project per the terms of their bid.
Illinois Bond-Surety
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Bond-Surety
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A probate bond is required in most probate estates in Illinois, except for those where the will specifies that no bond is required. The yearly cost of a bond tends to be about 0.5% of the estate's assets, though there are many factors that can increase or decrease the amount charged by a bonding company.
The first step to getting an Illinois surety bond is to apply for your bond. Not everyone can get approved for a bond, so this is the first step to getting bonded. Most companies all you to apply for your bond online. You can apply for a bond at your local insurance agency, or a specialized surety bond company.
Illinois law requires Notaries to purchase and maintain a surety bond for the duration of their 4-year commission.
Most Popular Surety Bonds in Illinois You'll need to post a $50,000 bond to get your car dealer license from the Illinois Secretary of State. Roofing contractors in Illinois need a $10,000 or $25,000 bond, while plumbers need a $20,000 bond.
Surety Bond Requirements in IL You must have a proper surety bond in place if you are an appraisal management company (AMC), motor vehicle dealer, plumbing contractor, roofing contractor, or residential mortgage broker. Most Illinois surety bonds have a fixed liability amount, while some vary.
