Washington Franchisor Surety Bond is a type of surety bond required by the Washington State Department of Revenue to protect franchisees from unfair or fraudulent practices by franchisors. It is designed to protect franchisees from any financial losses incurred as a result of a franchisor’s failure to fulfill its contractual obligations. This bond is required for all franchisors operating in the state of Washington and is an important part of protecting franchisees from unfair or fraudulent practices. There are three types of Washington Franchisor Surety Bonds: 1. The New Franchisee Surety Bond: This bond guarantees the performance of franchisor obligations specified in the franchise agreement. The bond is issued in the amount of the total franchise fee due to the franchisor, up to a maximum of $50,000. 2. The Renewal Franchisee Surety Bond: This bond guarantees the performance of franchisor obligations specified in the franchise agreement. The bond is issued in the amount of the total franchise fee due to the franchisor, up to a maximum of $25,000. 3. The Master Franchisee Surety Bond: This bond guarantees the performance of franchisor obligations specified in the franchise agreement. The bond is issued in the amount of the total franchise fee due to the franchisor, up to a maximum of $100,000.
Washington Franchisor Surety Bond
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FAQ
General contractors require a $12,000 surety bond, and specialty contractors need a $6,000 bond that they must post to the Washington State Dept.
A bond is a debt obligation, like an IOU. Investors who buy corporate bonds are lending money to the company issuing the bond. In return, the company makes a legal commitment to pay interest on the principal and, in most cases, to return the principal when the bond comes due, or matures.
?Bonded? means that you have purchased a surety bond to protect your business against claims of shoddy, incomplete work, or allegations of theft and fraud. A surety bond has three parties: Principal, which is the business buying the bond. Obligee, which is the client requesting the bond.
Washington State is a franchise registration state. Before offering or selling a franchise in Washington, you must register your FDD with the Securities Division of the Washington State Department of Financial Institutions.
A Franchise Surety Bond is a surety bond that protects a government or state against loss due to a franchise holder's failure to complete work specified in the franchise grant.
How to Get a Washington Surety Bond Apply For Your Bond. To begin the bonding process, complete the online application form.Get a Bond Rate. As soon as we receive your application, we will begin processing it and looking for the lowest possible rate at which you can get bonded.Buy Your Bond.