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Contractor license bond is
a bond that guarantees the performance of the contractor
that he will comply with all statutes and licenses required
by the state. This contractor license bond is imposed
by the state government with reference to the state laws.
The contractor is required to procure a license from the
state laws to perform his contract. To obtain this contractor
license the contractor is required to enter in to a bond
named contractor license bond. Without this bond the contractor
cannot obtain the license and without the license he cannot
enter in to construction business. This contractor license
bond ensures performance of the construction company.
This bond also ensures payment of tax to the government.
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