Penal Bond Form L-9 In Pennsylvania
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Anatomy of a Surety Bond Form Bond Number. The surety company assigns this unique identifying number to the bond. Principal. The principal is the person or business required to obtain the bond. Surety Company. Bond Penalty (Penal Sum) ... Obligation. Obligee. Effective Term. State.
State bond form L-9 is officially titled the “Bond in Support of Application for License or Permit Under the New York Alcoholic Beverage Control Law” but is more commonly known as the “alcohol license bond” or “liquor license bond.” These bonds require licensed liquor businesses to operate ing to the Alcoholic ...
Sometimes penal sums are adjusted upwards or downwards if there has been a significant period of increased or decreased volume of claims, respectively. For contract bonds, the penal sum is most often 10%-20% of the total contract amount.
To obtain a surety bond for a liquor license, it will be necessary to go online and find a surety company that issues liquor bonds for your state. NFP is authorized to sell bonds in all 50 states so we are an excellent choice. We are also the largest and most trusted surety company in the country.
A surety bond application is a form required by the surety carrier. It provides the basic information needed about the bond and the principal for the approval process. It also often serves as the legal contract between the surety carrier and the principal.
