The Delaware Private Business and Trade School Contract Bond is required by the State of Delaware in order to operate a Private Business and Trade School in this state. The bond is in place for the protection of the contractual rights of students. In no event shall a bond be for less than $25,000 per calendar year.
What are the requirements to operate a Private Business and Trade School in Delaware?
The State of Delaware requires Delaware Certificate of Approval to operate a Private Business and Trade School in Delaware. In order to obtain this Certificate of Approval, the state requires an original application. The specific requirements for this application can be found here.
One of the requirements of this application is to obtain a Delaware Private Business and Trade School Contract Bond.
What amount does my Delaware Private Business and Trade School Contract Bond need to cover?
(1) The following private business and trade schools shall only be required to post a bond in the amount of $25,000:
a. Schools which only solicit students in the State and which do not receive any revenues for services provided within the State; and
b. Schools which do not receive revenue directly from their students for tuition or any other services. Revenue received by such schools cannot be generated by guaranteed student loans and/or state or federal student grants.
(2) All other private business and trade schools which operate in or from the State, or who render services to students within the State, shall provide a bond in an amount equal to the highest anticipated gross prepaid tuition for students enrolled on any given day in the calendar year for which a certificate of approval is requested. This amount shall include moneys paid by all students regardless of their state of residence.
Where can I get a Delaware Private Business and Trade School Contract Bond?
To get started, all you need to do is fill out our easy to navigate online application form. The application will only take a few minutes, then one of our licensed agents will contact you within 24 hours with a free, no-obligation quote for the cost to obtain your bond.
The cost to obtain the bond (also known as the premium) will generally be a small percentage of the bond amount. After you have remitted the premium payment and signed any necessary paperwork, your bond will be shipped to you via USPS priority mail, with overnight shipping options also available.
Surety1 represents over a dozen “A” rated surety markets, so you can be assured we will find you the lowest quote and provide you the most reliable service. Surety1 has been writing bonds in Delaware since 2003 and our A+ rating by the Better Business Bureau is a testament to our hard work.