What is a District of Columbia Modern Taximeter System Payment Service Provider Bond?
Taxicab meter system businesses operating in the District of Columbia must post surety bonds in the amount of $50,000. The surety bond guarantees that the taximeter service provider will conduct business in accordance with the District of Columbia Municipal Regulations and the District of Columbia Official Code.
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Why is a District of Columbia Taximeter Payment Bond Required?
In the event of damages resulting from the dealer’s non-compliance with bond terms, the surety is bound to cover losses for harmed parties up to the full penalty of the bond. Furthermore, the principal is obligated to indemnify the surety for any damages paid.
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