If you reach a stage in your life when you are required to orchestrate a complex legal agreement, which may come in many shapes and forms, a surety bond may be what is required and what you will have to enter into in order to satisfy all the groups of individuals involved in said agreement. There are many different types of New Jersey surety bonds and it may be a bit confusing at first if you really need one and what type of one would be best to meet the needs to all the parties involved in the agreement. In order to get a comprehensive list of all the forms of New Jersey surety bonds you’ll probably have to contact your local surety bond agent or agency for more information, but here is an example scenario that may be helpful.
One type surety bond is known as a License Bond. Under these types of bonds, a profession, who is typically the principal in the agreement, is guaranteed to fulfill and completely comply with all regulations pertaining to their area of licensure that are put forth and established by the designated obligee, who in cases of the License Bond are typically the governmental municipality in which the principal is located. For example, an electrician may need to post a bond that specifies that they will uphold and follow all the codes and statutes set forth by their city.