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Surety Bond Definition A surety bond (pronounced “shoo-ruh-tee”) is a legally binding agreement involving three parties—the Principal, the Obligee, and the Surety. In this agreement, the Surety provides a financial guarantee to the Obligee if the Principal defaults on their obligations, such...
Define surety bond. surety bond synonyms, surety bond pronunciation, surety bond translation, English dictionary definition of surety bond. n. A guarantee issued by a surety agency on behalf of a client, requiring the agency to pay a sum of money to a th
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Surety BondWhat are Surety BondsI mean, does any really know what the term surety bond really means (and does anybody really care)? There are a lot of bonds out there – from surety to treasury to other bonds, James Bonds.This is a simple explanation/definition of a surety bond (...
Surety Bond is a contract among three parties where if the principal fails to perform an obligation, a surety is obligated to pay.
ERISA Bonds Made Simple ERISA 12.13.2024 Mitigating ERISA Litigation Risks Employers who sponsor retirement plans are by definition fiduciaries under the high standards of ERISA law–and therefore open targets for lawsuits. While it is impossible to eliminate their risks, sponsors can take steps ...
As a working definition, according to U.S. Customs & Border Protection (CBP) regulations, a Customs Bond is “a contract which is given to ensure the performance of an obligation imposed by a law or regulation.” A customs bond is a specific type of surety bond, that is a three-party...
The Surety:The guarantor of the bond. This party ensures that the principal makes payment. Here's how it works. The principal is responsible for securing the surety bond, which must abide by certain conditions, including the total amount owed. If the principal defaults or breaks the contract,...