Montana Renewable Performance Bond
Description
How to fill out Renewable Performance Bond?
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FAQ
One key difference between performance bonds and surety bonds is the scope of their coverage. Performance bonds only cover a specific project, while surety bonds can cover multiple projects or ongoing business activities. Another difference is the party responsible for paying the bond premium.
Without a valid title, a vehicle cannot be registered, insured, or sold. A bonded title allows a vehicle owner to do all of those things. The bond securing a bonded title indemnifies DHSMV if it turns out that no bonded title should have been issued and provides a way to compensate the rightful owner or a lienholder.
You must provide the purchaser with the most current, unaltered title, properly signed by ALL of the owners listed on the title in front of a notary. A bill of sale does not replace a Montana title.
Performance bonds are a subset of contract bonds and guarantee that a contractor will fulfill the terms of the contract. If they fail to do so, the Surety company is responsible for completing the contract obligations, either by securing a new contractor to complete the job or by financial compensation.
The buyer does not have to be present. Montana motor vehicle titles only require the seller's signature be notarized.
A surety bond is a promise to be liable for the debt, default, or failure of another. It is a three-party contract by which one party (the surety) guarantees the performance or obligations of a second party (the principal) to a third party (the obligee).
Surety bonds also come with the following cons for contractors: A bonded contractor must pay for the bond and will also be responsible for paying valid bond claims. A lapse in a bond can result in a license suspension or the invalidation of a contract. Required renewals can add ongoing expenses.
With a bonded title, you can register, insure, and sell your car in Montana.
Does a bill of sale have to be notarized in Montana? Yes. There is a space on the official bill of sale (form MV24) for a notary. Both the buyer and the seller must sign in the presence of a notary.