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What Is An Auction Bond

An auctioneer must purchase a form of insurance known as an auction bond before handling any auctions. This surety bond protects the customer by assuring the items auctioned are correctly represented and that no illegal or unethical conduct occurs during the transaction.

Before auctioneers purchase a bond from an agency, they must submit themselves to a credit check, have their application approved, and go through other screening processes.

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