License and permit bond

{
  "id": "MLC-T-INS-001999",
  "term": "License and permit bond",
  "field": "Insurance and risk management",
  "definition": "A type of surety bond required by a governmental entity as a condition for granting a license or permit to conduct certain business activities. This bond guarantees that the licensee will comply with applicable laws, ordinances, and regulations. If the licensee fails to adhere to these rules, the bond provides financial protection to the public or the government.",
  "url": "https://mlchart.com/terminology/insurance/license-and-permit-bond/"
}