Nevada Surety Bond Form - Corporation
What this document covers
The Surety Bond Form - Corporation is a legal document used to release a property from a mechanic's lien by securing a bond. This bond is typically set at one and one-half times the amount of the lien claim, as required by Nevada statutes. This form is specifically designed for corporations and differs from similar forms that may apply to individuals or different types of entities.
Form components explained
- Name and contact information of the corporate principal.
- Details of the property affected by the lien, including its legal description.
- Amount of the lien and the corresponding bond value.
- Signatures of corporate representatives and the surety corporation.
- Notary public certification section to confirm the execution of the bond.
When this form is needed
This form should be used when a property owner or principal contractor wants to remove a lien from a property. It is particularly applicable after a mechanic's lien has been filed against the property, and the lien holder agrees to accept the bond in lieu of the lien, or if court action is anticipated to contest the lien.
Who should use this form
This form is intended for:
- Corporations that need to release a mechanic's lien from their property.
- Property owners seeking to remove liens that affect their real estate.
- Contractors who wish to challenge a lien placed against their work.
How to complete this form
- Identify the corporation providing the bond, including its name and contact information.
- Specify the property by entering its address and legal description, including the assessor's parcel numbers.
- Enter the amount of the lien and calculate the bond amount (one and one-half times the lien value).
- Have a corporate representative sign the form alongside the surety corporation's attorney in fact.
- Complete the notary section to verify the identities and signatures presented.
Does this form need to be notarized?
This form must be notarized to be legally valid. US Legal Forms provides secure online notarization powered by Notarize, allowing you to complete the process through a verified video call.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Common mistakes
- Incorrectly calculating the bond amount (must be one and one-half times the lien).
- Failing to provide complete property legal descriptions.
- Omitting signatures from necessary parties.
- Leaving out essential contact information for the corporate principal.
Why use this form online
- Accessible for immediate download to save time and effort.
- Editable format allows for quick customization to fit specific needs.
- Reliable templates drafted by licensed attorneys ensure legal compliance.
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FAQ
How do I get a Nevada bonded title for my vehicle? Begin by contacting the Department of Motor Vehicle's Title Research Section by visiting their website or by phone at (775) 684-4810. Obtain the Affidavit for Bonded Vehicle Title, and complete the parts one and two.
How long will it take to get my bond? In most instances, surety experts can issue a bond within 24 hours of the initial application. The turnaround time can take longer for riskier bonds that require more complicated underwriting processes, such as contract bonds for construction projects.
Gather the information required to apply for your surety bond. Common necessary details include your business name and address, license number (if you are renewing your bond), and ownership information.
A surety is someone who is often mentioned in a bail undertaking. If the defendant fails to appear, the money or property may be 'forfeited to the court'. Another condition used when defendants apply for bail, is the naming of a surety.
To verify the bond, you will need to contact the Surety and provide them with a scanned copy of the bond with your inquiry. If you do not have a copy, The Surety & Fidelity Association of America (SFAA) has provided a link to their Bond Authenticity Inquiry Form to supply the appropriate information.
Nevada certificate of title bonds up to $5,000 are issued instantly and cost $100. Bonds between $5,000 and $25,000 are also issued instantly at a rate of $20 for every $1,000 of coverage. Bonds greater than $25,000 are subject to review by an underwriter, although they are typically aproved at a low cost as well.
The bond must be written by a surety company authorized to transact business in the State of Nevada, and whose long-term obligations are rated A or better. An applicant or licensee can post a cash deposit In lieu of a surety bond. Cash deposits must be in the form of a Cashier's Check for the full amount of the bond.
Ideally, surety bond companies will look for credit scores higher than 670 and an absence of collections, liens, and judgments. If your credit score is under 670, that's usually okay, you will likely just have to pay more for your bond.
Examples of these bonds include construction and environmental performance, payment, supply, maintenance, and warranty bonds. Commercial surety helps obtain capacity at the lowest cost for all corporate surety needs.International surety examines the unique surety requirements internationally.
