The Institute of Mercantile Agents Limited operates bonding schemes in Northern Territory and Western Australia following approval from the respective State governments and departments.
Financial members of the IMA are able to access the two schemes. Bonds are required under specific licensing legislation in those States/Territories for persons acting as commercial agents and/or debt collectors.
For the issue of all new bonds, NT and WA schemes work on the following basis:
- The member makes a written application on the IMA's bond application form providing evidence of his or her financial situation; and
- The member provides a counter indemnity for the value of the bond in favour of the IMA.
In return the IMA shall:
- Consider the application and either accept it or reject it on the commercial basis of whether the member is able to support his/her counter indemnity; and
- In the event the application is accepted and the member pays the appropriate annual bond premium, issue a fidelity bond to the member for lodgement at the appropriate licensing court.
The current premiums for bonds are:
|State & type of cover||Premium||GST||Total Payable|
|WA $6,000 individual||$330.00||$33.00||$363.00|
|WA $10,000 corporation||$453.20||$45.30||$498.50|
|NT $2,000 corporation (per director)||$330.00||$33.00||$363.00|
|NT $1,500 partnership (per partner)||$330.00||$33.00||$363.00|
|NT $1,000 sole trader||$330.00||$33.00||$363.00|
Bond information kits including application forms are available by clicking on the appropriate download at the top of the page. All other enquiries relating to the issue or renewal on bonds can be directed to the IMA's National Office.