Bonds
Surety bonds are typically defined as a three party agreement between the principal who needs the bond (insured), an obligee who requires the bond and the surety (or insurance company) who sells the bond.
What is a Surety Bond?
Surety bonds are typically defined as a three party agreement between the principal who needs the bond (insured), an obligee who requires the bond and the surety (or insurance company) who sells the bond.
What does it do?
Surety bonds provide a financial guarantee that contracts and business activities will be completed according to terms.
Who usually gets bonds?
Contracts, insurance agents, and many more professions. In many cases, government contracts require surety bonds as well as certain licensing or fiduciary duty businesses.
