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License and permit bond
License and permit bonds are a general class of surety bonds necessary for a business or an individual to get a license or permit in any city, county, or state. These bonds promise whatever the underlying statute, state law, municipal ordinance, or rule (regulation) requires. They may be necessary for a number of reasons, for example, the imbursement of certain taxes and fees and providing consumer safety may be requisite as a state to granting licenses connected to selling real estate or motor vehicles and contracting services.
The License and Permit Bond are the most common types of Surety bonds. Nearly every business, which requires a license or is registered with the State are required to have one. These surety bonds can guarantee the owners honesty, integrity, performance and payment. The bonds guarantee to the obligee that the principal will operate his/her business correctly, pay all items due, and not deceive the public. The bond form is supplied by the obligee (obligee means the entity requiring you to have the bond) always check with the obligee for the most up to date license or permit bond form.
An example of a license bond would be a contractor license or a mortgage broker needing their license to start their business. We have great programs for license bonds and permit bonds even if you have less than perfect credit.
If you want to learn more about contract license bonds or surety bonds please visit our surety bond blog. If you have any questions about license bonds or surety bonds please give us a call
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