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