A Surety Bond is a three-party agreement whereby the surety guarantees to the oblige (the project owner) that the principal (the contractor) is capable of performing the contract in accordance with the contract documents. Performance of the contract, which is the subject of the bond, determines the rights and obligations of the surety and the obligee.
The eight different types of surety bonds include:
Contract Bonds (Bid and Performance Bonds)
License and Permit Bonds
Miscellaneous and Federal Bonds
Public Official Bonds
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