Is a contract between at least three parties: (i) the principal, (ii) the obligee, and (iii) the surety (normally the surety company). Through this agreement, the surety agrees to make the obligee whole (usually by payment of money) if the principal defaults in its performance of its promise to the obligee. The contract is formed so as to induce the obligee to contract with the principal, i.e., to demonstrate the credibility of the principal.

 

Examples of Surety Bond:

  • Contractor License and Permit
  • Court
  • Customs
  • Lost Securities
  • Money Transmitters
  • Mortgage brokers
  • Motor Vehicle Dealers
  • Patient Trust Funds
  • Probate
  • Public official
  • Tax bonds
  • Telemarketing
  • Subdivision
  • Utility deposit
  • Wage and Welfare/Fringe Benefit (Union)
  • Public Warehouse
  • Supply bonds
  • Self–Insured Workers compensation
  • Insurance Company Qualifying
  • Reclamation

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