If you are engaged as a retailer conducting a sale advertised as a “Going Out of Business Sale,” or “Closing Sale” in Pennsylvania, you are required under the Act of the General Assembly of Pennsylvania, 1963, P.L. 217 to file a Pennsylvania Closing Out Sale Bond as a condition of 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 Pennsylvania Closing Out Sale Bond holds you accountable for your business decisions.
By possessing a Pennsylvania Closing Out Sale Bond, you are telling your Obligee that you can be trusted as a Principal and that you stand behind your business decisions.