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Tag: Surety

What is a Surety Bond?

A surety bond is a written promise to pay damages or to indemnify against losses caused by the party or parties named in the document through nonperformance or defalcation.   What is a Surety Bond? A surety bond is a contract among at least three parties: The obligee – the party who is the recipient of an obligation, The principal – the primary party who will be performing the contractual...