Tag: What is a Surety Bond?


What is a Surety Bond?

Surety bonds are legally binding contracts between three parties. It is a promise to be liable for the debt, default, or failure of another. One party (the surety) guarantees the performance or obligations of the second party  (the principle) to the third party (the obligee). In essence, a surety bond is used to ensure government contracts are completed, to cover

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