An Auctioneer or Auction Firm Surety Bond is required by the Virginia Auctioneers Board for those requesting licensure pursuant to Virginia Code § 54.1-603 for the purpose of engaging in the business of conducting auctions, as defined in Virginia Code § 54.1-600 within the Commonwealth of Virginia. The bond guarantees financial damages incurred as a result of misstatement, misrepresentation, fraud, or deceitful practices on the part of the principal, its agents or employees. Furthermore, the surety bond ensures faithful and honestly compliance with the provisions of the Code of Virginia.
