Delaware Private School Bond's are required by Delaware's Department of Education to obtain your Delaware Private School Bond. The Delaware Private School Bond amount is set at $25,000.
a $25,000 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.
Try our 100% Secure Private School Bond Online Application to get the Lowest Private School bond rates in all 50 States.
You can buy your Delaware Private School Bond (Apply) online immediately
WHEREAS, it is a condition of the grant of a Certificate of Approval to the principal by the State of Delaware that these presents should be executed;
NOW THEREFORE, the condition of this obligation is such that if upon and after the issuance of a Private Business and Trade School Certificate of Approval pursuant to the aforementioned applicant, the above bounden principal shall fully and faithfully observe the express provisions of all contracts with students and the provisions of all the laws of this State and the rules and regulations promulgated by the Delaware Department of Education pertaining to the operation of Private Business and Trade Schools during the term of the Certificate of Approval, then this obligation shall be void; otherwise it shall remain in full force, virtue and effect;
And the obligors, jointly and severally, for themselves, their heirs, executors, administrators, successors and assigns do agree with the State of Delaware for the benefit and protection of the students of said principal, that upon violation of any contract with any student or the suspension, revocation, or any other termination of the Certificate of Approval aforesaid under the provisions
of the laws of the State of Delaware or rules and regulations of the Delaware Department of Education pertaining to the operation of Private Business and Trade Schools, or upon any action in any Court of bankruptcy either voluntary or involuntary; an assignment for the benefit of creditors; the insolvency of the principal; or the closing of the school owned by the principal resulting in a suspension of teaching activities, the full amount of this bond shall be due and payable to the State of Delaware, Department of Education for distribution pro rata to all students having valid contractual claims against said principal.
This bond may be cancelled by surety at the end of any annual term by giving 90 days notice in writing by certified mail return receipt requested to the Private Business and Trade School, Delaware Department of Education, 401 Federal Street, Suite 2, Dover, DE 19901 and the obligor.