Permit Bond

Permit Bond

A bond guaranteeing that a person with a permit from the government to perform a task will perform that task to the proper regulations. The bond provides compensation to an injured party in the event that the permit holder does not fulfill his/her obligations.
References in periodicals archive ?
In another interview in Greek daily To Vima on Sunday, European Central Bank executive board member Lorenzo Bini Smaghi says the European Financial Stability Facility's role could be amended to permit bond purchases on the secondary market.This could help lighten Greece's debt and also permit private-sector involvement, Smaghi said, while noting that the alternative solution of European bonds is not an easy option.
"Permit bond" required by state highway department was performance bond, not payment bond, and recovery disallowed under Little Miller Act.
This curious little case involved a "permit bond" rather than a contract.
The nationally licensed firm has a large and experienced staff in providing all facets of surety support for the wide variety of Commercial Surety Miscellaneous License and Permit bonds, as well as the mentioned personalized surety programs for all sizes of businesses that need performance bonds, payment bonds, bid bonds and supply bonds.
The Warnock Agency is an innovator in online underwriting and issuance of license and permit bonds in the country.
License and permit bonds relate to compliance with Alaska state or municipal statutes and are required by many types of businesses other than just construction contractors.
He was the manager of license and permit bonds for Safeco.
The cell is in its nascent stage, but will permit bonded laborers to file police reports and obtain legal advice.
CNA has become the nation's largest provider of commercial surety bonds, particularly license and permit bonds, fiduciary bonds and public official and court bonds.
License and permit bonds, required by the government for people or companies to engage in certain types of business, also help consumers know they are dealing with legitimate companies or individuals.