BIRMINGHAM, Ala. — In the latest Guest Post entry, Todd Bryant, founder and president of Bryant Surety Bonds, discusses what carwashes need to know about carwash bonds.
He explains that only a few places in the U.S., such as California and New York City, require carwash owners to obtain carwash bonds when getting their licenses.
Bryant says that carwash surety bonds are intended to serve as protection and a guarantee for the obligees of the bonds. “Yet, despite their noble purpose, carwash bonds are controversial and are sometimes met with opposition in the industry,” asserts Bryant.
He continues, “All surety bonds are a form of protection to the bond’s obligees — from fraud, financial harm or other misconduct — and guarantee financial compensation if any of these scenarios should occur. Carwash bonds are no different. While they are in the category of license and permit bonds (i.e., bonds that a business must obtain when getting its license), in many ways they function as ‘wage and welfare bonds.’”
Read the entire blog post on carwash bonds here.
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