Collector's Roundtable
Licensing Issues
-November 19th, 2008

Surety Bond—
A contract among at least three parties: the principal, the primary party who will be performing a contractual obligation, the obligee, the party who is the recipient of the obligation, and the surety, who ensures that the recipient’s obligations will be performed.

Indemnity—
is a sum, paid by A to B by way of compensation for a particular loss suffered by B. The indemnifying party A may or may not be responsible for the loss suffered by the indemnified party B. Forms of indemnity include cash payments, repairs, replacement, and reinstatement.

Constable—
A constable is a person holding a particular office, most commonly in law enforcement. The office of constable can vary significantly in different jurisdictions.