2-year Term

[Mother Bond]

My state requires that the bond have a 2-year term. Can I still pay for only a year at a time?

[Surety Queen]

Originally Posted by Mother Bond

My state requires that the bond have a 2-year term. Can I still pay for only a year at a time?

It depends. If the bond term itself states a two year term, then you must pay for the full term. If it doesn't have a specific term in the language, then it can probably be written for a year at a time. As long as you pay the renewal premium it will renew for the 2nd year with no problem.