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What are surety bonds?

Contract Bonds

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Surety bonds are a contract between a minimum of three parties.

  • The obligee:  this is the party that is the recipient of the obligation
  • The principal:  this is the party who has the responsibility of performing under the contractual obligation of the actual bond form.
  • The surety:  the surety is the entity that insures the principal will perform the task required by the obligee.

Surety bonds are designed to protect an entity from monetary loss for failure to perform specific acts as defined by the bond form.