A surety bond is a legally binding contract between three parties: an Obligee, a Principal, and a Surety. The surety bond ensures that certain contractual obligations will be met.
The Principal is the business or individual that requires the bond. A surety bond guarantees that the Principal will act professionally and comply with all of the rules, regulations, laws, and contractual requirements. If a Principal violates any of their bond’s terms, claims could arise.
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A surety bond is a three-party agreement whereby the surety guarantees the faithful performance of the principle to the obligee
Fidelity bonds indemnify the insured for loss caused by dishonest or fraudulent acts of its employees that are proven in fact. Fidelity bonds are also known as Dishonesty Insurance or Crime insurance.
