Surety Bond
Surety Bond

Surety bond is, a written promise under seal , issued by its issuer (the insurer) on behalf of a second party (the principal) , guaranteeing that the second party will fulfill an obligation or series of obligations to a third party (the obligee) . In the event that the obligations are not met, the third party will cover its losses up to a stipulated amount via the bond, but subject to the proviso that the obligation of the issuer will cease if specified conditions are met.

It includes but not limited to:

• Bid bond
• Contract bond
• Commercial bond
• Performance Bond
• Contractor, Permit and License Bond
• Custom Bond
• Executor Bond