First of all, let us understand what is meant by a Surety Bond. A Surety Bond is a tripartite agreement forged among the principal, obligee, and surety providing monetary compensation in the event of a failure to perform as stated in the contract or by local laws. In other words, Surety Bonds are three-party agreements in which the issuer of the bond (the surety) joins with the second party (the principal) to offer guarantee to a third party (the obligee) the fulfillment of an obligation on the part of the principal.
Surety bonds are three-party agreements in which the issuer of the bond (the surety) joins with the second party (the principal) in guaranteeing to a third party (the obligee) the fulfillment of an obligation on the part of the principal.
Obligee: The party (person,
corporation, or government agency) to whom a bond
is given. The obligee is also the party secluded by
the bond against loss.
• Principal:
The individual who is required to be bonded by the
obligee.
• Surety: A person or institution
that guarantees the acts of another person or institution.
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