A Maryland Continuous Surety Bond is a type of financial guarantee that provides protection to the state of Maryland against a party’s financial non-performance. The bond ensures that the bonded party (the principal) complies with their contractual obligations and any applicable state laws or regulations. This bond is required for certain professions in the state of Maryland, such as auto dealers, collection agencies, private investigators, and telemarketers. The bond is issued in the form of an indemnity agreement between the surety company, the principal, and the state of Maryland. The surety company pays the state if the principal fails to fulfill their contractual obligations or comply with applicable laws and regulations. The surety company then has the right to seek reimbursement from the principal. There are two types of Maryland Continuous Surety Bond: the Single Obliged Bond and the Multiple Obliged Bond. The Single Obliged Bond is a single bond issued to the state of Maryland on behalf of the principal to cover all of their contractual obligations. The Multiple Obliged Bond is a series of individual bonds issued to multiple obliges on behalf of the principal.
Maryland Continuous Surety Bond
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How to fill out Maryland Continuous Surety Bond?
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