In California, "bonds and surety" essentially means a financial guarantee provided by a third-party company (the surety) to ensure that a business or individual (the principal) will comply with state laws and regulations, protecting consumers and other parties from potential harm if the principal fails to fulfill their obligations, often required for obtaining licenses or performing contracts, particularly in construction projects; essentially acting as a safety net for potential damages caused by non-compliance.
Key points about bonds and surety:
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Common examples in California: Auto dealer bonds Airline reporting corporation (arc) bond Appeal bonds Contractor license bonds Auctioneer bond CA contractor bonds California bond of bail agent California cannabis cultivation bond California collection agency bond California cslb contractors license bond Fidelity bonds Lost instrument bonds Mortgage broker bond Probate bonds |
Why are bonds and surety important?:
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