What is a Surety Bond?
Posted: July 21, 2019
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...
What is a Surety Bond?
Posted: February 11, 2012
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 obligation, The surety - who assures the obligee that the principal can perform the task European surety bonds are issued by banks and are called "Bank Guarantees" in English and "Caution"...