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Mississippi Surety Bonds

State: Mississippi Surety Bonds

Mississippi Professional Fundraisers Bond

Mississippi Professional Fundraisers Bond ($10,000) The $10,000 bond is required to be filed with the application. All bonds expire on June 30th and must be renewed for a one-year period. The bond is required by the Mississippi Secretary of State.

Mississippi House Moving Performance Bond

Mississippi House Moving Performance Bond Household Moving Performance Bond – Those engaged in Household Moving Services in the state of Mississippi are required by the Mississippi Transportation Commission to furnish a Mississippi House Moving Performance Bond to ensure compliance with the rules and regulations of the Department of Transportation.

Get A Mississippi Supply Bond

A supply bond guarantees a supplier will be able to provide the materials needed to fulfill the contract between the supplier and purchaser. This bond will reimburse the purchaser should the supplier not complete the terms of the contract.

Mississippi Payment and Performance Bond

A payment bond covers payment of subcontractors, laborers and materials suppliers associated with the project. Payment bonds are issued for the protection of those supplying labor or materials to a particular bonded project. A performance bond guarantees performance of the terms of a contract.These bonds frequently incorporate payment bonds (labor and materials) and maintenance bonds. Bonding ultimately aims to protect the project owner from financial loss should the contractor fail to perform the contract in accordance with its terms and conditions. A payment and performance bond can be purchased together at the same time at a discounted premium.

Mississippi Manufactured Home Contractor Bond

Mississippi Manufactured Home Contractor Bond A Manufactured Home Contractor Bond is required in the State of Mississippi by the Comissioner of Insurance for anyone that is seeking a license as a Manufactured Home Contractor. This Bond guarantees that the applicant (Licensee) will comply with the duties of the license and will conduct business within the law.

Mississippi Indigent Bond

Mississippi Indigent Bond An Indigent Bail Bond may be issued by a Judge or Administrative Court Official who deems a person or persons to be indigent and cannot afford bail on their own accord. The County, State, or Federal Corrections Facility may purchase this bond from a properly licensed and appointed bail agent or by submitting a request online, at which time the bond would be transferred to a properly licensed and appointed bail agent. The premium of insurance for the bond liability of $1,500.00 is set to $150.00 for which the jurisdiction will be invoiced upon execution of the bond. This bond will allow the correction facility to be relieved of the daily cost to house such person or persons who need assistance while allowing the person or persons to be released on guidelines and accountability. In the event the person or persons should fail to appear in court, upon proper notification, a forfeiture may be issued under current bail laws within the state.

Mississippi Sales Tax Bond

Mississippi Sales Tax Bond When you start your liquor business, you’ll be required to obtain an alcohol tax bond by the state of Mississippi.. It is a prerequisite for participating in the sale, manufacturing and warehousing of alcohol. The alcohol bond, also known as a liquor bond, is a type of tax bond that guarantees the payment of taxes on all transactions with liquor. Thus it protects the authority requiring it, in case you are unable to pay collected taxes or you keep fraudulent records. The Department of Revenue in Mississippi also uses this same sales tax bond for other businesses that are required to report their sales to the department.

Mississippi Unemployment Fund Bond

A Mississippi Unemployment Reserve Fund Surety Bond is required by the state of Mississippi because the principal has elected to discharge its monetary obligations incurred under the Mississippi Unemployment Insurance Law by means of reimbursement financing. The principal is required by Mississippi Statutes to file a surety bond with the Mississippi Department of Employment Security to guarantee the payment of required reimbursements, together with any interest and any late filing fees.

Mississippi Fidelity Bond

Mississippi Fidelity Bond A fidelity bond is considered a component of a business’s risk management that covers them for losses that they incur because of specific acts by particular individuals. It usually insures for losses caused by the fraudulent and/or dishonest acts of its staff. While called bonds, these obligations to protect an employer or business from employee-dishonesty losses are technically considered insurance policies. They provide protection from employee theft of monies, securities, and other property when an employee or person of authority has a manifest intent to cause their business or organization a loss.

Mississippi Landscaping and Gardening Bond

Mississippi Landscaping and Gardening Bond Mississippi Landscaping Bond is required by the State of Mississippi to comply with the State licensing requirements. Each state has drafted their own Landscaping Bond Form, so you will need a different Landscaping bond for each state you will be transacting business in.

Mississippi Contractor Blanket Bond (To Include Diesel Fuel)

The following provides a brief summary of Sales and Use Tax information for construction contractors. The Sales Tax Law levies a 3.5% Contractor tax on all non-residential construction activities when the total contract price or compensation received exceeds $10,000.00. Material Purchase Certificate (MPC) Prior to beginning work, the prime contractor(s) is required to apply for a MPC for the contract .You may apply for a MPC on TAP . For non-residential contracts exceeding $75,000.00, the Contractor tax and any use tax due must be paid before work begins. An exception to paying the taxes due requires that a surety bond is filed with the DOR to guarantee payment of the taxes. All contractors without a physical location in Mississippi are required to prepay the taxes due or bond all contracts over $10,000. Contractors with a physical location in Mississippi are required to bond or prepay the taxes due on all contracts over $75,000. The 3.5% Contractor tax is imposed against the prime contractor and is due on all non-residential, commercial contracts regardless of whether or not the owner is a governmental, exempt, or non-profit entity. As example construction contracts for the U.S. Government, the State of Mississippi, a non-profit hospital, or a church are subject to the tax. Residential construction (not including apartments or condominiums) is excluded from the 3.5% Contractor tax, but is subject to retail sales taxes. Additional information regarding Sales and Use Tax is available through notices and technical bulletins, the Mississippi Administrative Code Title 35 Part IV ?(Sub-part 10, Chapter 1) and the Mississippi Code, Title 27, Chapter 65 and Chapter 67.

Understanding Mississippi Surety Bonds: A Comprehensive Guide

Surety bonds are an essential part of many industries, including construction, finance, and transportation. In Mississippi, surety bonds play a crucial role in ensuring that businesses and individuals fulfill their obligations and protect the interests of the public. However, understanding the intricacies of Mississippi surety bonds can be challenging. This comprehensive guide aims to provide a clear and concise overview of Mississippi surety bonds, including their types, requirements, and benefits.

Types of Mississippi Surety Bonds

License and Permit Bonds

License and permit bonds are a type of surety bond that is required for businesses to obtain a license or permit to operate legally in Mississippi. This bond guarantees that the business will comply with all applicable laws and regulations regarding their business operations. These bonds may also be required to obtain a license or permit from the state to engage in certain activities or to enter into certain contracts.

Contract Bonds

Contract bonds are a type of surety bond that is required in Mississippi when a contractor is hired to perform a specific job. This bond guarantees that the contractor will fulfill the terms of the contract and that the customer will be paid for the work that is completed. The surety company will pay the customer any amount that the contractor fails to pay, up to the amount of the bond.

Court Bonds

Contract bonds are another type of surety bond that is required in Mississippi. These bonds guarantee that the contractor will fulfill the terms of their contract. If the contractor fails to fulfill the contract, the surety company will pay the customer the amount due under the contract. Court bonds, on the other hand, are required when an individual or business is involved in a lawsuit. The bond guarantees that the defendant will pay any judgment or damages awarded by the court.

Requirements for Mississippi Surety Bonds

Financial Requirements

In order to obtain a Mississippi surety bond, companies must meet certain financial requirements. Mississippi surety bonds are typically issued in amounts between $1,000 and $100,000, and the company must be able to demonstrate that they have the financial resources to cover the bond amount. The surety company issuing the bond will review the financials of the company to determine whether or not they can meet the financial requirements of the bond.

Licensing and Registration

To guarantee compliance with Mississippi’s laws and regulations, companies must obtain surety bonds. Surety bonds serve as a financial guarantee to the state that the company will adhere to the required laws and regulations of the state. The surety bond must be issued by a surety company that is licensed to do business in the state of Mississippi. The bond must also meet the specific requirements of the state in order to be valid. These requirements can vary from state to state, so it is important to understand the specific requirements for Mississippi surety bonds. This guide provides an overview of the requirements for Mississippi surety bonds, including financial requirements, licensing and registration, bond forms and documentation, and more.

Benefits of Mississippi Surety Bonds

Protection for Obligees

  • How surety bonds protect obligees (government agencies, project owners, etc.)
  • Financial compensation in case of default or non-compliance

Enhanced Business Reputation

  • Building trust and credibility with clients and partners
  • Differentiating from competitors

Cost Savings

  • Surety bonds as an alternative to cash deposits or letters of credit
  • Lower financial risks and potential losses

Conclusion

Understanding Mississippi surety bonds is crucial for businesses and individuals operating in the state. By familiarizing themselves with the types, requirements, and benefits of surety bonds, they can make informed decisions and protect their interests. Whether it’s obtaining a license and permit bond, securing a contract bond, or fulfilling court bond obligations, having a comprehensive understanding of Mississippi surety bonds is essential for success.