Surety Bonds Offer Great Help

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 Bond Overview:

What is a Surety bond?

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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