License & Permit Bonds

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License and Permit Bonds

A bond which is required as a condition of receiving a License to engage in a certain business or as a condition of receiving a permit to exercise a certain privilege. The bond guarantees that the Principal will perform his or her obligations under the license or permit. These bonds are designed to protect the general public as well as the Government agency issuing the permit or license. License or Permit bonds are required from businesses as well as individuals.