license bond

Definition of "license bond"
  1. A type of surety bond that is required by law or necessary for the operation of a certain business or profession, sometimes also referred to as a permit bond
How to use "license bond" in a sentence
  1. A construction business must secure a license bond before they can legally operate.
  2. The license bond helps to ensure that businesses follow all the applicable laws and regulations.
  3. If the business does not meet its obligations, a claim can be made against the license bond.

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