A Bond is a document with which one party promises to pay another within a specified amount of time. The term "demand" means that the principal plus any interest is due on demand by the bondholder rather than on a specific date. Bonds are used for many things, including borrowing money or guaranteeing payment of money. A bond can be given to secure performance of particular obligations, including the payment of money, or for purposes of indemnification. The validity of a "private" bond, payable upon demand, is determined by the same principles applicable to contracts generally. The purpose of the bond must not be contrary to public policy; it must be supported by a valuable consideration; and there must be a clear designation of the obligor and the obligee. A bond procured through fraud or duress may be unenforceable, but mistake on the part of the obligor as to the contents of a bond, or its legal effect, is not a defense to enforcement of the bond.
It matures in 20 years. You itemize deductions.• You claim tax credits other than the family income tax credit, the property tax credit or the credit for increased excise taxes. Summary of Arizona bond claim and notice laws and requirements for private Arizona projects including free forms, FAQs, resources and more. The amount of the contractor's license bond may be increased at any time. Our team can help you get fast approval and affordable rates.