What is an Pennsylvania Private School Bond?
Pennsylvania Private School Bond's are required by Pennsylvania's Department of Education to obtain your Pennsylvania Private School Bond. The Pennsylvania Private School Bond amount is set at $5,000.
The State requires a Private School bond for :
a $5,000 surety bond
Different parts of a 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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Pennsylvania Private School Bond Information and Requirements:
WHEREAS, the principal desires to operate its school at the location set forth above in the manner required both by its express contracts with its students as well as by the provisions of the Private Licensed Schools Act and the regulations promulgated by the State Board of Private Licensed Schools; and
WHEREAS, it is a condition of the grant of a license or registration to Principal by the State Board of Private Licensed Schools pursuant to 22 Pa. Code §73.54, that this bond be executed:
THEREFORE, Principal, jointly and severally, for itself, its heirs, executors, administrators, successors and assigns does agree with the Commonwealth of Pennsylvania, for the benefit and protection of the students of the Principal, that the full amount of this bond shall be due and payable pro rata to all students having valid claims against Principal upon (1) closing of the school operated or owned by the Principal; or (2) the suspension, revocation or any other termination of the Principal’s licensure/registration under the Private Licensed Schools Act.
This bond may be cancelled by Surety at the end of any annual term by giving thirty (30) days notice in writing, by certified mail, return receipt requested to the State Board of Private Licensed Schools and the Principal.