Express Surety Glossary Annual Premium: The premium amount due for each full year. Applicant: The individual or company responsible for the fulfillment of the obligation set forth in the bond and who must perform some act under certain conditions or, in lien thereof, respond in money damages. Also, known as ‘principal.’ Applicant Type: The capacity in which the applicant is doing business. (For Example: Individual, Sole Proprietorship, Partnership, Corporation, and Limited Liability Corporation (LLC)) Billing Option: The payment frequency in regards to the specific bond. (Pre-paid and Annual) Bond Attorney-In-Fact: The name of the individual who signs on behalf of the Surety and executes the bond. Bond Name: A listing of the bonds available through this web site. Bond Number: The identification number assigned by Liberty Mutual to a specific bond. Bond State: The state in which the bond is issued. (For Example: IL, IN, OR, WA, etc.) Bond Type: The general type of bonds available through this web site. (For Example: All, Contractor’s License Bonds, License and Permit Bonds, Notary Bonds and Public Official Bonds) Direct Bill: Billing the bond principal directly. Doing Business As: The alternate name of the business. Sometimes referred to as ‘trade style.’ Effective Date: The first day of the bond term. Equity: The monetary value of a property or business beyond any amount owed. Estimated Total Term Premium: The total amount the applicant pays over the term of the bond. Estimated Total Term Premium, if prepaid: The discounted premium if the applicant pays the full amount in advance, if applicable. Expiration Date: The last day of the bond term. Fair Market Value: The market value is the objective price that the free market would support of the fair market value that you might reasonably expect to get for your items on the open market. Obligation Description: A specific term that describes the trade, or description of the type of bond that is required by the Obligee. Obligee: The beneficiary under the terms of the bond. Either the obligation set forth is fulfilled or the amount of the bond is available so that, in any case, the obligee is adequately protected. Principal: The individual or company responsible for the fulfillment of the obligation set forth in the bond and who must perform some act under certain conditions or, in lien thereof, respond in money damages. Also, known as ‘applicant.’ Real Property: Ownership in buildings and land. Renewal Processing Method: The method of renewing a bond. (For Example: Continuous, non-cancelable; continuous, cancelable; definite term, renewed by continuation certificate; definite term, renewed by issuing new bond using same number; definite term, non-renewable; and definite term, non-cancelable contract bond for audit) Surety: The party joining with the principal for the purpose of guaranteeing to the obligee the fulfillment of the principal’s obligation. Short-Term Payment: The amount of payment for a period less than the term of the bond. Signed & Sealed Date: The date in which the bond is signed (executed) by the bond attorney-in-fact. Term: The duration of the bond obligation. (For Example: 12 months, 18 months, etc.) Transaction Number: The identification number assigned by Liberty Mutual to a specific transaction.