Looking For A Brief Overview of Surety Bonds?
A contract concerning monetary issues that is among at least three parties is called a surety bond. Surety bonds can be classified as contract, commercial, or fidelity. Most commonly the three parties involved are the obligee, the principal, and the surety. The obligee is the entity who is the recipient of the obligation. The principal is the primary party who will actually be performing the obligation. And lastly, the surety, is the one who assures the obligee and the principal can perform the task at hand. Some examples of surety bonds are supply bonds, bid bonds, performance bonds, maintenance bonds, and interactions with a Notary.