Form CVO-004 template
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Rental Company Bond
To bond as a rental company.
This agreement is a bond between a principal (a Rental Company) and a surety, made to the State of Vermont and Commissioner of Motor Vehicles. The principal seeks a license to operate as a Rental Company, agreeing to comply with Title 32 Chapter 219 of Vermont Statutes Annotated, including reporting and tax payment obligations. Failure to comply results in joint and separate liability for the Principal and Surety, up to a maximum of $_______ per year. The bond's term runs from signing until December 31, 20___. New Rental Companies must submit a $1,000.00 surety bond with application, which amount may be reviewed annually and increased if necessary to protect state revenues. Letters of Credit are accepted instead of bonds and require a current financial statement.
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