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Tax Collector Bonds are required from individuals that collect taxes. Municipalities and other government agencies require this type of surety bond as a legally binding contract to ensure ethical and faithful work performance. With the contract, they also protect the public from illegal practices and potential frauds.
Like all surety bonds, tax collector ones include three parties that are legally bound together with the bond. The principal is the tax collector who needs to obtain the bond and ensure safety for the public. The obligee is a government agency that requires the bond from the tax collector in order to protect the public from financial losses and other frauds. The surety is the company that issues the bond and covers any claims that might be made against the bond. Depending on the contract, a surety fulfills the agreement (cover financial losses and similar) in case the principal fails to comply with it.
Tax collector bonds come in different forms because every jurisdiction has specific needs. For that reason, principals need to contact the government agency that requires the bond and ask for any specific terms. The obligee will provide the necessary information and determine the bond amount depending on the tax collector’s position and other factors.