Motor Vehicle Dealer Continual Bond
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1
2Motor Vehicle Dealer Continual Bond
DEPARTMENT OF MOTOR VEHICLES
120 State Street
Agency of Transportation
Montpelier, Vermont 05603-0001
802.828.2000
dmv.vermont.gov
The bond, letter of credit or certificate of deposit shall remain in effect for the pending registration year
and one year thereafter.
KNOW ALL PERSONS BY THESE PRESENT, that we
as
Principal,
and
a corporation organized and
existing under the laws of the State of
having
its
principal
place
of
business at
being authorized to do business in the State
of Vermont, as Surety, are held and firmly bound unto the State of Vermont, in the penal sum of $_________
for payment of which, well and truly to be made, we bind ourselves, our heirs, executors, administrators,
successors and assigns, jointly and severally, firmly by these presents.
THE CONDITION, of the above obligation is such that WHEREAS the principal has applied for the
issuance of a Motor Vehicle Dealer’s registration and presents this bond in accordance with the statute.
NOW THEREFORE, if the aforesaid Principal shall faithfully comply with the provisions of the State of
Vermont statutes applicable to new motor vehicle dealers and used motor vehicle dealers and shall indemnify
the State of Vermont or any person dealer or transacting business with the principal for any loss sustained by
the State of Vermont, or by any person by reason of the failure of the Principal to remit, to the Commissioner of
Motor Vehicles, fees collected pursuant to 23 V.S.A. Chapters 7 and 21 or 32 V.S.A. Chapter 219, then this
obligation to be void, otherwise, to remain in full force and effect.
The bond shall be effective
.
The aggregate liability of the Surety of all persons shall, in no event, exceed the amount of this bond during any
one registration period.
This bond covers any breach of the above-stated obligations occurring during the bonding period, prior to the
effective date of cancellation or termination of the bond. Any claim under this bond must be made to the Surety
within one year after the Principal ceases, for any reason, to be licensed or one year after the effective date of
cancellation or termination of this bond, whichever comes first.
Dated this
day of
, 20
.
PRINCIPAL
BY:
WITNESS
SURETY
BY:
WITNESS
TAVD114a
WEB
10/2011 CAY
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