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Commercial & General Business Bonds
A few examples are:
Generally required by a municipality or other public entity as a condition to granting a license or permit to engage in a specified activity or as a matter of financial obligation as part of doing business. This bond type guarantees the bonded party will comply with the underlying applicable laws, regulations and/or financial obligation.
License and Permit Bonds: The most common types of bonds. Almost every business which needs a license or permit to do business requires a bond to guarantee the owners honesty, integrity, performance and payment. In most cases, license and permit bonds are requested by a municipality, state or the Federal Government.
Miscellaneous Bonds: General (non contracted) business bonds that are required by a government agency or private group that is not in regards to a license or permit is referred to as Miscellaneous. A couple examples of miscellaneous bonds are utility guarantees, tax bonds or wage and welfare bonds.