What is a surety bond? A surety bond is a three party contract that is used to guarantee the performance of one party. In a contract surety bond situation, the surety bond guarantees that the obligee (the contractor) will perform according to the terms of the contract and, if not, then the surety will provide the obligor (the owner of the project) with recourse.
See more at Swiftbonds.
« Back to Glossary Index