What Is A Indiana Concessionaire Bond?
Concessionaire bonds in Indiana are key elements of special business arrangements that are made between two parties prior to the operation of a business under concession. A business that is run under concession is one that is operated by one person or group (referred to as the concessionaire) within premises that belong to another person (referred to as the grantor). The grantor, therefore, provides concession for the concessionaire to operate his business on the grantor’s property. In exchange for allowing him to sell specific products or services on the property of the grantor, the concessionaire will pay the grantor a fee or a portion of the earnings that result from the business arrangement.
An IN concessionaire bond is a surety bond, meaning that it ensures an Indiana grantor that the concessionaire will operate his business under the laws, regulations, and guidelines applicable to his industry, as well as those of the grantor himself. It will also guarantee payment and release the grantor of liability.
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