 More than 1 year?
It really all depends on what the state (obligee) is requiring. In some cases, certain states require the bond term to be longer than one year, and they have this bond language stated in their bond form. A lot of states require a one year bond term. In that case, the premium is paid before the bond is issued, and then the bond is renewed ever year.
I would double check with the obligee to see what the required bond term is.
Hope this helps!
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