Arizona Proprietary School Bond

Arizona Proprietary School Bond

Arizona Proprietary School Bond


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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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Program:


You can buy your Arizona Proprietary School Bond (Apply) online immediately


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.


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