These bonds are required by a unit of government as a prerequisite for obtaining a license or permit. They guarantee that those government provisions will be carried out by the license- or permit-holder.
Bonds often required by jurisdictions to be posted by persons performing certain services, such as security dealers and plumbers.
These are bonds required by state law, municipal ordinance, or local regulation as a condition precedent to the granting of a license to engage in a particular business or the granting of a permit to exercise a specific privilege. Certain serious obligations are entailed on those who seek such licenses or permits, and are thereupon bonded.
Suretyship guaranteeing that the principal will abide by the rules and obligations imposed by licensing laws or ordinances. For example, an electrician may have to post such a bond guaranteeing compliance with building codes before being licensed by a municipality.
A term used to refer to bonds which are required to obtain a license or permit in any city, county or state. These bonds guarantee whatever the underlying statute, state law, municipal ordinance or regulation requires. They may be required for a number of reasons, for example the payment of certain taxes and fees and providing consumer protection as a condition to granting licenses related to selling real estate or motor vehicles and contracting services. To Top
bonds required by various municipalities or public authorities to indemnify them against loss in the event of violation of regulations or ordinances under which the permit is required. (See SURETYSHIP)
A general class of bonds required of a person or entity to obtain a license or a permit in any city, county, or state. These bonds guarantee whatever the underlying statute, state law, municipal ordinance, or regulation requires. They may be required for a number of reasons, for example the payment of certain taxes and fees and providing consumer protection as a condition to granting licenses related to selling real estate or motor vehicles and contracting services.