A Surety Bond protects against malpractice and fraud. Most surety bonds are considered a three-party contract between the principal (business owner or other professional), the obligee (consumer or government entity) and the issuer (the surety). The bond is a financial guarantee that the principal will always act in accordance with laws, with integrity, honesty and financial responsibility, and act in compliance with the mutual terms of a contract. The bond will cover any damages or losses when the contract is not completed according to terms.
Commercial bonds are required by law or regulation. These types of bonds include
-License and Permit Bonds
-Public Official Bonds
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