| Surety Insurance and Bonding Insurance |
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A surety bond is a three-party agreement by which the surety (insurer) binds itself to discharge the contracted obligations of a principal (contractor) to an obligee (owner) in the event that the principal fails to fulfill such obligations. Surety bonds may be used in an incredibly wide range of circumstances. They are basically used any time an individual or group is expected to do something, and some further assurance of their compliance is needed. |
