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Concept
Surety Bonds
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Summary
Surety Bonds
are a
Three-party agreement
that guarantees the
Fulfillment of an obligation
, where
The surety
assures
The obligee
that
The principal
will perform a
Contractual duty
. They are commonly used in construction and
Public Projects
to protect against
Losses from contractor default
or
Failure to meet contractual terms
.
Concepts
Principal
Obligee
Surety
Contractual Obligation
Performance Bond
Payment Bond
Bid Bond
Fidelity Bond
Risk Management
Indemnity Agreement
Bond Underwriting
Creditworthiness
Financial Assurance
Indemnitor
Relevant Degrees
Public Revenue 60%
Company Law 40%
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