Bonds Express offers a NYC 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 N.Y.C. 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.