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Surety Bonds

What is a surety bond?

A surety bond is a financial guarantee that ensures one party (the principal) fulfills its obligations to another party (the obligee), with a third party (the surety) providing the guarantee. If the principal fails to meet their contractual or legal obligations, the surety compensates the obligee for any losses and may seek reimbursement from the principal.

How do surety bonds work?

A surety bond involves three key parties:

Principal – The individual or business required to obtain the bond (e.g., contractors, businesses, or professionals).
Obligee – The entity requiring the bond, often a government agency or client.
Surety – The company issuing the bond and guaranteeing the principal’s performance.

Types of surety bonds:

Contract Bonds

Common in construction, these bonds ensure a contractor completes a project as agreed.

License & Permit Bonds

Required by government agencies for businesses to operate legally (e.g., auto dealers, electricians, or notaries).

Court Bonds

Used in legal proceedings, such as probate or appeal bonds.

Fidelity Bonds

Protect businesses from employee dishonesty, fraud, or theft.

Who needs a surety bond?

Contractors and construction companies

Businesses needing licensing and permits

Companies handling public funds or sensitive information

Court-appointed individuals (e.g., estate administrators)

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