Surety Bonds are bonds that require three parties: the principal, the obligee, and the surety.
- The principal is the inividual or business that is purchasing the bond to guarentee future work performance
- The obligee is the entity that requires the bond. Obligees are typically government agencies working to regulate industries and reduce the likelihood of financial loss.
- The surety is the insurance company that backs the bond. The surety provides a line of credit in case the principal fails to fulfill the task.
As long as each party has a general understanding of their position, you should be able to get your Surety Bond without a problem.
If you are in need of a Surety Bond, give us a call at 925-478-5903