Bonds Express offers a New York City Car Wash Wage Payment Bond with a 99% approval rate.
The bond amount is set at $150,000 unless you signed a bona fide collective bargaining agreement with a labor organization (i.e., a union arrangement) or government supervised settlement. In that case, the bond amount will be for $30,000.
Please note, business financial statements (Balance Sheet and Profit & Loss Statement) will be required to review prior to providing an approval for the $150,000 amount.
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 New York City Car Wash Wage Payment Bond holds you accountable for your business decisions.
By possessing a New York City Car Wash Wage Payment Bond, you are telling your Obligee that you can be trusted as a Principal and that you stand behind your business decisions.