License and permit bonds are required by certain federal, state, or municipal governments as prerequisites to receiving a license or permit to engage in certain business activities. These bonds function as a guarantee that a company will comply with an underlying statute, state law, municipal ordinance, or regulation.
Specific examples include:
- Contractor’s license bonds, which assure that a contractor (such as a plumber, electrician, or general contractor) complies with local laws relating to his field
- Customs bonds, including importer entry bonds, which assure compliance with all relevant laws, as well as payment of import duties and taxes
- Tax bonds, which assure that a business owner will comply with laws relating to the remittance of sales or other taxes
- Reclamation and environmental protection bonds
- Broker’s bonds, including Insurance, Mortgage, and Title Agency bonds
- ERISA (Employee Retirement Income Security Act) bonds
- Motor vehicle dealer bonds
- Money transmitter bonds
- Health spa bonds, which assure that a health spa will comply with local laws relating to their field, as well as refund dues for any prepaid services in the event the spa closes
We have Powers of Attorney on file with the local Circuit Courts and handle bonding needs of many types.