What is an Surety Insurance Bond?
A surety bond or surety is a promise by a surety or guarantor to pay one party (the obligee) a certain amount if a second party (the principal) fails to meet some obligation, such as fulfilling the terms of a contract.
The surety bond protects the obligee against losses resulting from the principal's failure to meet the obligation.
How Do Surety Bonds Work?
To put it simply, they guarantee that specific tasks are fulfilled. This is achieved by bringing three parties together in a mutual, legally binding contract.
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