What is an Arizona Proprietary School Bond?
Arizona Proprietary School Bond's are required by Arizona's Private Postsecondary Education to obtain your Arizona Proprietary School Bond. The Arizona Proprietary School Bond amount is set at $15,000.
The State requires a Private School bond for :
a $15,000 surety bond
Different parts of a bond:
There are 3 parts to a Proprietary School surety bond. The Principal "YOU", The Surety Company, and the Obligee. The Principal is the business or individual applying for the Proprietary School Surety Bond. The Obligee is the individual or entity requiring the Surety Bond and the Surety Company is the company who provides the Surety Bond coverage.
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Arizona Proprietary School Bond Information and Requirements:
WHEREAS, Principal shall submit an application to the Arizona State Board for Private
Postsecondary Education (“Board”) for a license under Arizona Revised Statutes, Title 32, Chapter 30 and
WHEREAS, a bond in this form must accompany such application,
NOW, THEREFORE, upon the granting of a license to Principal by the aforementioned Board,
Principal shall faithfully comply with all the provisions of law, Arizona and federal, required of Principal
and all such provisions as may be hereafter imposed upon Principal by law, and Principal shall refrain from
injuring or damaging any person by reason of any unlawful act, including, but not limited to, any breach of
contract, and any failure by Principal to so comply with the law or to so refrain from injuring or damaging
any person shall impose upon the Principal and surety joint and several liability to any person who suffers
loss by reason thereof.
Principal shall not cancel this bond for the period of time for which the license to Principal is
issued and that this bond shall inure to the benefit of any person who suffers loss by reason of any unlawful
act of Principal, including, but not limited to, any breach of contract by Principal. The Surety reserves the
right to cancel the bond upon sixty days written notice to Principal and the Board.
No suit may be commenced on this bond after the expiration of three years following the
commission of the act on which the suit is based except that time for purposes of claims for fraud shall be
measured as provided in A.R.S. 12-543.