Surety Bond Invention Developer {SFSB-409}

SFSB-409, SURETY BOND INVENTION DEVELOPER (Business and Professions Code Section 22370 et seq.), the provisions of Section 22370 et seq. of the Business and Professions Code, require that the Principal file or have on file with the Secretary of State a copy of a bond in the sum of twenty five thousand dollars ($25,000) or 5 percent of the invention developer’s gross income from the invention development business in this state during the invention developer's last fiscal year, whichever is greater, and this bond is executed and tendered in accordance therewith. The conditions of the foregoing obligations are that if the Principal complies with the provisions of Chapter 17 (commencing with Section 22370), of Division 8 of the Business and Professions Code of the State of California, and pays all sums due any individual or group of individuals when such Principal or its representative or agent has received such sums, and pays all damages occasioned to any person by unlawful acts or omissions of the Principal mentioned above, or of its agents or employees while acting within the scope of their employment, then this obligation is to be void; otherwise it is to remain in full force and effect. www.FormsWorkflow.com