Form LIC 402. Surety Bond - California

Form LIC 402 is used in California to establish a surety bond for licensed facilities or programs. The main purpose of this form is to provide a guarantee of financial compensation in case the licensee fails to fulfill their obligations.

The form consists of sections where the licensee provides information related to the surety bond. This may include details about the bond amount, the name of the bonding company, the effective dates of the bond, and any specific conditions or requirements associated with the bond. The form may also require signatures from both the licensee and the bonding company representative.

Important fields on this form include accurately documenting the details of the surety bond, ensuring compliance with the required bond amount, and adhering to any regulations or guidelines regarding bonding requirements. It is crucial for the licensee to carefully review the terms and conditions of the bond before filling out the form.

Application Example: A home care agency in California is required to secure a surety bond as part of the licensing process. Form LIC 402 would be used to establish the surety bond by providing the necessary information, such as the bond amount and the bonding company's details. By completing the form and obtaining the surety bond, the licensee provides financial protection for clients and ensures compliance with licensing regulations.

Related Forms: There are no specific related forms mentioned for Form LIC 402. However, other bonding-related documents or agreements may be required based on the type of facility or program and the regulatory requirements.