Oklahoma Surety Bonds

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Surety Bond Professionals is a family-owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your Oklahoma surety bond needs.

Required Surety Bonds in Oklahoma

Typical Oklahoma bonds include (click on any for more info):

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Required Surety Bonds in Oklahoma

All surety bonds fall into one of three broad categories: construction and contractor bonds, license and permit bonds, and court bonds. There are many different types of licenses in each category.

Oklahoma Construction & Contractor Bonds

Oklahoma has its own version of the federal Miller Act. It requires construction contractors to purchase certain surety bonds before they can work on a federally funded public works project. Oklahoma’s “Little Miller Act” requires a surety bond for the total amount of any public works project valued at $50,000 or more.

Oklahoma License & Permit Bonds

Oklahoma maintains a number of occupational and professional licensing boards, each of which issues multiple types of licenses. For example, the Alcohol Beverage Laws Enforcement Commission (ABLE) issues a variety of liquor licenses, and the Oklahoma Construction Industries Board (CBI) licenses specialty contractors (electrical, plumbing, and HVAC). Purchasing a surety bond is a common requirement for licensure to ensure the lawful and ethical conduct of licensees.

Oklahoma Court Bonds

Oklahoma courts require surety bonds in two sets of circumstances. A surety bond is needed when a prior court decision is being appealed, and when a person takes on fiduciary responsibilities, such as being appointed the executor of an estate or guardian of a minor.

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Frequently Asked Questions

There are three parties to every surety bond agreement, which is a legally binding contract:

  • The “obligee” is the state or local agency requiring the surety bond.
  • The “principal” is the party required to purchase the bond.
  • The “surety” is the company underwriting and issuing the bond.
  • The obligee sets the required amount of the bond, which is the maximum amount that will be paid out on a claim. The obligee also spells out the conduct required of the principal in order to avoid claims against the surety bond.

Any party who suffers a financial loss because the principal has violated the terms of the bond has the right to file a claim against the bond. The principal is solely responsible for paying all valid claims.

However, the surety will often pay a claim and wait to be reimbursed by the principal. This ensures timely settlement of the claim and gives the principal some time to gather the necessary funds.

What the principal in a bond agreement actually pays for a surety bond is a small percentage of the required bond amount established by the obligee. That percentage, known as the premium rate, is determined by the surety company based on the applicant’s credit score and other indicators of the likelihood of claims being filed against the bond. Those with good credit can expect a rate of 1-3%. Those with poorer credit may pay a higher premium.
No claim against a bond will be paid until the surety company has investigated and determined that it is valid. After making payment to a claimant, the surety company will demand reimbursement from the principal.