Short answer
Most surety bonds are written for a set term, commonly one year, and you renew them by paying the premium for the next term as long as the underlying obligation or license continues. Some bonds stay continuous until cancelled. License bonds generally need to stay active for as long as you hold the license they support.
A bond's term is tied to the obligation behind it. License bonds typically run in one-year terms and renew alongside the license, so the bond has to stay in force the whole time you are licensed. Letting it lapse can put your license out of good standing.
Some bonds are continuous, meaning they remain in effect until properly cancelled rather than expiring on a date. Either way, the surety bills the premium each term, and keeping the renewal on schedule is what keeps your license or contract obligation covered.
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