The New Jersey turnpike toll credit agreement bond is a surety bond required by the New Jersey Turnpike Authority, the surety bond’s obligee.
The surety bond does this:
When an applicant like yourself has requested an extension of credit to use EZ Pass on the New Jersey roads, the NJ Turnpike Authority is willing to grant the request with the condition that a surety bond is provided.
Since the turnpike authority has granted the extension of credit, their concern is to guarantee the receipt of payment for any tolls.
Requiring you to purchase the surety bond is a financial guarantee on behalf of the obligee, that payment for credit granted and used will be received.
While a surety bond is not an insurance policy, it can very well be thought of as a policy that you purchase to protect the NJ Turnpike Authority in case of a failure on your part to pay any actual fees from EZ Pass.
The amount of the surety bond that you are asked to purchase will be determined by the state. If provided to you, our agency will request any written documentation which states the amount of bond required.
As a typical rule, the amount of the turnpike authority surety bond required will range between $3,000 to $50,000 surety bond.
A surety bond application and a credit check are standard fare for determining the amount that you will pay for this surety bond.
Also, the amount of the surety bond required is a factor.
For those with good credit, an applicant may pay as little as about $100 for the lowest priced bond to about $1000 for the $50,000 surety bond.
However, the amount you will pay may depending on your personal credit score, surety application, and bond amount required. Therefore the amount you may vary.
AmeriPro Surety Bonds is a surety bonds-only agency which provides license and permit, contractor, court, and fiduciary surety bonds throughout New Jersey.
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