Bonds/Surety

Suretyship is where one party guarantees the commitments of another and  those commitments are usually in the form of a contract to perform a service or comply with an obligation.

A surety bond involves three parties:

• Principal - person/business with obligation to perform a service or comply with an obligation
• Obligee - the person/business/government requiring the bond or guarantee of compliance with the obligation
• Surety Company - company who provides the bond in exchange for the principal completing their obligation

There are several types of bonds available including judicial, public official, contract, payment and performance, license/permit, and miscellaneous bonds. This list is not all inclusive, so please contact our office if you need a quote.

 

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