Oregon Surety Bond
Absolute Surety is a leading provider of Oregon state bonds. Apply online today for an Oregon Surety Bond to take advantage of our lowest rates. Quickly browse the bonds we offer for this state, or contact us for a full list.
What Bonds Are Required?
Oregon surety bonds are normally categorized as license and permit bonds, contractor bonds, or court bonds. Learn more about the requirements for each below:
Oregon License And Permit Bonds
A license and permit bond is a requirement for obtaining a license to operate certain businesses in Oregon. It must be renewed periodically in order to keep the business license current. These bonds guarantee that the business (the principal) will comply with all Oregon rules and regulations governing that industry.
Certain state agencies and municipalities mandate license and permit bonds for businesses operating under their jurisdiction. Among these are the:
- Oregon Construction Contractors Board, which licenses both residential and commercial contractors
- Department of Consumer and Business Services, which licenses appraisal management companies, collection agencies, debt management service providers, investment advisers, manufactured home dealers, pawnbrokers, money transmitters, and mortgage lenders
- Department of Transportation – Driver and Motor Vehicle Services, which licenses motor vehicle dealers, dismantlers, and rebuilders
Statewide residential or commercial contractor’s license and permit bond may be required from the Oregon Construction Contractor’s Board. Other contractor bonds (e.g., bid bonds, performance bonds, payment bonds, etc.) may also be needed in order to be awarded a contract for public works projects in certain municipalities.
Oregon Court Bonds
The various courts in Oregon may require you to obtain a court bond if you are involve as the plaintiff or defendant in appealing a case. This guarantees that court fees and any damages ordered by the court will be paid.
You may also be required to purchase a court bond if you are serving as executor of an estate or other fiduciary capacity. This type of court bond guarantees that you will carry out those responsibilities honestly, in accordance with all applicable rules and regulations.
How Much Does A Bond Cost?
Two key factors come into play in determining the cost of a surety bond: the amount of the bond and the premium rate. Multiplying the amount of the bond by the premium rate gives you the cost of the bond.
The amount of the bond is set by the entity requiring the bond (the obligee). The premium rate is determined by the surety company issuing the bond. The premium rate is based primarily on the applicant’s credit history. Being credit-challenged does not mean your application will be rejected, but those with poor credit typically pay a higher rate than applicants with good credit.
What Happens If A Claim Is Filed?
The purpose of any bond is to protect the obligee and consumers from financial loss to the actions of the principal. They may file a claim against the bond to offset any such loss. If the claim is found to be valid, the surety company will pay it. The surety then has the right to pursue the principal for repayment.
Our online application system makes it easy to apply for wide range of Oregon surety bonds. We offer quick turnarounds, often 24 hours or less. You can submit a surety bond application online or request assistance from our experts.