Common Carriers offering Collection On Delivery (COD) operating in the State of Illinois are required under section 18C-4902 of the Illinois Commercial Transportation Law to execute an Illinois Collection on Delivery (COD) Bond to ensure compliance with licensure.
A surety bond protects the party requesting the bond, the Obligee, against any financial losses as a result of poor financial decisions, damages, unethical decisions, or a failure to follow state and local laws on the part of you, the Principal. The Illinois Collection on Delivery (COD) Bond holds you accountable for your business decisions.
By possessing an Illinois Collection on Delivery (COD) Bond, you are telling your Obligee that you can be trusted as a Principal and that you stand behind your business decisions.