Common Types of Surety Bonds & How They Work
Posted: May 19, 2022
![Common Types of Surety Bonds & How They Work](https://mlxwx3bywoz1.i.optimole.com/w:768/h:320/q:auto/f:best/https://www.vantagepointcoverage.com/wp-content/uploads/sites/2939/2022/05/Common-Types-of-Surety-Bonds-How-They-Work-768x320.jpg)
A surety bond is a contract that ensures specific obligations are met. These bonds are often required for contractors working on government contracts. They are performance-based. A surety bond is a guarantee between three parties. The parties in a surety bond are: The Principal: The individual who is required to have a surety bond. The Obligee: The individual requesting the bond. The Surety Company: The...