North Dakota Roving Grain Buyers or Facility Based Grain Buyers Surety Bonds
North Dakota state law requires that a Roving Grain Buyer or a Facility Based Grain Buyer be licensed and have a surety bond. The North Dakota Public Service Commission encourages farmers to only sell grain to buyers that are licensed and bonded.
Surety Bond and License Requirements:
- Applicants will need to complete the application and pay the license fee. In addition to the application, include a copy of the scale ticket that will be used, and if applicable, a copy of the credit-sale contract will need to be included. Applicants that are a partnership will need to include a copy of the agreement. Facility based grain buyers will also need to provide a copy of their Certificate of Insurance on Grain.
- A Facility-Based Grain Buyer will need to obtain a surety bond. The bond guarantees faithful performance of all duties. The bond amount ranges from $50,000 to $1,500,000 depending on total annual grain purchase volume. A minimum $50,000 surety bond is required for the first year and there-after, the surety bond amount will be based on the volume of bushels purchased.
- A Roving Grain Buyer's Bond guarantees compliance with the provisions of law and the rules of the Commission applicable to the business of a roving grain buyer. The surety bond amount ranges from $50,000 to $2,000,000 depending on total annual grain purchase volume. A minimum $50,000 surety bond is required for the first year, and there-after, the surety bond amount will be based on the volume of bushels purchased.
How Much Will This Bond Cost?
The premium that you pay for a North Dakota Roving Grain Buyer or a Facility Based Grain Buyer Surety Bond will depend on credit and the bond amount needed. Bond amounts over $50,000 will require personal and/or business financial statements.
More Surety Bond Questions?
Check out our FAQ page. Should you need or choose to buy a surety bond, SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.
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