Texas Automobile Auctioneers are required under the Texas Administrative Code Title 43, Part 10, Chapter 215, Subchapter F, Rule 215.133(c)(1) to file a Texas Automobile Auctioneers Indemnity 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 Texas Automobile Auctioneers Indemnity Bond holds you accountable for your business decisions.
By possessing a Texas Automobile Auctioneers Indemnity Bond, you are telling your Obligee that you can be trusted as a Principal and that you stand behind your business decisions.