South Carolina requires professional solicitors to post a surety bond before engaging in any business activities. As an individual, you will not be permitted to act as a professional solicitor unless you first secure the required surety bond and file the completed registration form with the Secretary of State’s office. The South Carolina Professional Solicitor Bond is a liability agreement that guarantees your clients will be compensated for any financial losses resulting from your professional services as a solicitor or agent.
The Professional Solicitor Bond is a contract between you and your client. This agreement protects your client from financial loss resulting from your breach of contract. Expressly, it guarantees that your client will be financially compensated for any losses from your breach of contract, misrepresentation, or fraudulent conduct. This is important because you are assuming liability for your client's financial losses as a professional solicitor. If a client were to suffer a financial loss due to your actions, they would not be able to file a claim against you directly. Instead, the client would have to file a lawsuit against the surety bond you obtained when you registered as a professional solicitor. Therefore, you are required to obtain a Professional Solicitor Bond as part of becoming an experienced solicitor.
In South Carolina, individuals contracting with a client have a contractual relationship with that client. The client pays the individual, and the individual then employs a company (i.e., advertising company, public relations company, etc.) to perform a service and then pays that company directly. A bond is not required in these situations. If an individual is contracting now with a company, they will enter into a fiduciary relationship with that company. In this situation, the individual is acting as the company's agent. The fiduciary relationship is one in which an agent agrees to work for and on behalf of the principal. In other words, an individual is contracting with a company and being compensated for services rendered.
You will first need to find a surety bond company to obtain the Professional Solicitor Bond. You can visit the Surety Association of America's website for information on the various companies. You will also need to submit a copy of the South Carolina Professional Solicitor Application form. You can obtain this form online or by contacting the Secretary of State's office. You must apply with a $5,000 surety bond, a $65 fee, and a copy of your current driver's license.
The amount of your Professional Solicitor Bond will be based on your personal credit history. The surety bond company will review your credit history and assign you a rating. The rating that the company gives to you is called a "grade." If your grade is low, this will result in a higher premium. The surety bond company will handle the entire application process for you. They will take your application, review your credit history, and assign you a grade. The company will then determine the amount of the bond premium based on your grade and your personal credit history. The bonus will then be added to the $5,000 required for the bond.
A surety bond is a financial agreement between one or more parties. In the case of a Professional Solicitor Bond, it is an agreement between the client and the professional solicitor. This agreement protects each party if they fail to uphold their end of the contract. You will be required to obtain a Professional Solicitor Bond as a professional solicitor. This bond protects your client from financial loss from a breach of contract or fraudulent conduct.
Similarly, a client will be required to obtain a performance bond to protect the professional solicitor from financial loss due to non-performance. As an individual, you can work with a surety bond company to get a performance bond or a surety bond. When you work with a surety bond company, they will apply to your state's insurance department and make an application to the company providing the surety bond. In the application, they will request a bond be written in your name.
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