How Does Cannabis Surety Bonds Work?
A Surety bond is a financial instrument that bind three parties together.
- Principal: The business or individual that maintains the bond. A credit check is usually required and/or collateral in some cases.
- Obligee: The agency ( State, City or County) that requires the principal to purchase the bond.
- Surety: The agency (company) that issues the bond and backs the principal of the bond.
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