What Is a West Virginia Auctioneer Bond?
Auctioneers and auction houses in West Virginia must file a bond with the Department of Agriculture. Surety bonds hold auctioneers financially liable for following all licensing laws and regulations, such as:
- Managing auction funds properly
- Delivering goods and funds appropriately
- Conducting auctions according to local and state laws
If auctioneers break the bond terms, the public is protected from financial harm by the surety.
How Much Do West Virginia Auctioneer Bonds Cost?
The state-required $25,000 West Virginia auctioneer and registered auction house bonds cost a flat rate of $250. Apprentice auctioneers only need a $5,000 bond which costs $100. Select your bond below to buy now.
How Does a West Virginia Auctioneer Bond Work?
Auctioneer surety bonds create a legally-binding contract between three parties:
- Principal: The West Virginia auctioneer, apprentice or auction house
- Obligee: The Department of Agriculture
- Surety: The surety provider
In this contract, the principal (auctioneer/auction house) is responsible for upholding the bond terms to the obligee. If they fail to do so, harmed parties can file a claim to recover damages. The surety pays valid claims then seeks reimbursement from the principal.
How Do I Get an Auctioneer Bond in West Virginia?
You can get your West Virginia auctioneer bond in minutes with SuretyBonds.com. Simply select your bond type, enter your information, and check out instantly online.
After purchasing, you’ll receive an email copy of your bond. Then, you must file the bond with the Department of Agriculture as instructed.
