The Employee Retirement Income Security Act of 1974 (ERISA) regulates and establishes minimum standards for employee pension plans in private industries. ERISA was enacted to protect the interests of employee benefit plan participants.
ERISA generally requires that every fidicuiary of an employee benefit plan be bonded with an ERISA Bond.
A surety bond is a three-party agreement between a Principal, an Obligee, and a Surety.
In short, a surety bond is a contract that guarantees you will fulfill your tasks and obligations.
If the you (the principal) fails to fulfill your obligations, the surety company will step in. In the end, you remains liable for the original obligation and must repay the surety company for any money they paid out.
In order to make this arrangement clear and legal, surety companies require that principals sign an Indemnity Agreement.
Auto Dealer Bonds (Motor Vehicle Dealer Bonds, Car Dealer Bonds) are a type of surety bond required for car dealers before they can get their car dealer license.
An auto dealer bond protects customers from fraud or misrepresentation during a business transaction. If a car dealer does not follow rules and regulations, someone can make a claim on your bond.
Not sure if you need to get licensed? Check out this post on selling cars without a license.
Surety bonds are confusing. Don’t believe me? Ask the person next to you “What is a surety bond?”
While surety bonds are often misunderstood to be insurance policies, they are not. While there are similarities, there are differences too. Here are 5 differences between surety bonds and insurance.
Short on time? Read our Surety Bond Frequently Asked Questions.
If you do any of the following jobs and your project total is greater than $30,000, you must have a North Carolina Landscape Contractor License.
For a list of NC Landscape Contractor exemptions, click here.
Individuals and companies that perform general contracting work in the state of Washington must first get a Washington State Contractors License from the Washington Department of Labor & Industries.
You must get licensed if you do, or offer to do, any of the following activities for someone else:
Contractor licensing in Washington is similar to other states’ licensing processes, except Washington doesn’t require general contractors to take exams. Applicants also don’t have to submit proof of education or work experience.
Short on time? Check out our Contractor License FAQ page.
In the state of Oregon, anyone who performs any construction activity involving improvements to real property must have an Oregon Construction Contractors Board (CCB) license and Oregon CCB surety bond.
Here are the 9 steps you need to take to get your Oregon CCB license and Oregon CCB surety bond.
Want to see how much a Contractor License Bond would cost you?
Contractors in Oregon who are working on public works projects with a total project cost of more than $100,000, or that are required to pay prevailing wages on a project, must file an Oregon Public Works Bond with the Oregon Construction Contractors Board (CCB).
Georgia is a state where business is booming, especially in the busy city of Atlanta. Companies working in Georgia may require a Georgia surety bond to do business.
Short on time? Read our Surety Bond FAQ
When you want to buy or sell a car, most of your attention will be focused on the car itself: its condition, selling price, and features. But you also need to pay attention to the legal paperwork involved.
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