Definitions for "License and permit bonds"
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.