If you are engaged in the operation of a third party testing organization in Michigan you are required under Public Act 300 of 1949 to file a Michigan Third Party Testing Organization Surety Bond as a condition of licensure.
A surety bond protects the party requesting the bond, the Obligee, against any financial losses as a result of poor financial decisions, damages, unethical decisions, or a failure to follow state and local laws on the part of you, the Principal. The Michigan Third Party Testing Organization Surety Bond holds you accountable for your business decisions.
By possessing a Michigan Third Party Testing Organization Surety Bond, you are telling your Obligee that you can be trusted as a Principal and that you stand behind your business decisions.