Colorado Private School Bond's are required by Colorado's Department of Education to obtain your Colorado Private School Bond. The Colorado Private School Bond amount is set at $60,000.
a $60,000 surety bond
There are 3 parts to a Private School surety bond. The Principal "YOU", The Surety Company, and the Obligee. The Principal is the business or individual applying for the Private 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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The condition of this obligation is such that, if the above bonded Principal or its agents, by being issued a Certificate of Approval by the Division of Private Occupational Schools, Colorado Department of Higher Education, shall not cause loss of any tuition or fees or damage to any student or enrollee or parent or guardian as result of any act or practice which is a violation of any minimum standard as set forth in 23-64-112 of The Private Occupational Education Act of 1981, or any criteria established pursuant thereto, or as a result of the holder of a Certificate of Approval ceasing operation, then this obligation shall be null and void; otherwise to remain in full force and effect.
The liability of said Principal and the Surety hereon to any or all students or enrollees or parents or guardians shall not exceed the unearned portion of tuition and fees paid or liable to be paid as a result of a school ceasing operation and regardless of the number of years that this bond is in force the aggregate liability of the Surety hereon shall in no event exceed the penal sum of this bond.
This bond shall be continuous, evidenced by a Continuation Certificate, unless the surety is released as hereinafter set forth.