Surety or Bonds
An agreement whereby one party called the Surety, for a Valuable consideration or free known as premium, binds himself to guarantee the performance of another party called the Principal or Obligor of an obligation or undertaking in favor of a third party called the Obligee.
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See Application and Requirements
See All Products
Surety or Bonds
An agreement whereby one party called the Surety, for a Valuable consideration or free known as premium, binds himself to guarantee the performance of another party called the Principal or Obligor of an obligation or undertaking in favor of a third party called the Obligee.
See Coverages See All ProductsSee Application and Requirements
Application and Requirements
Parties to a Bond:
The Surety – issues the bond and is the guarantor
The Principal or Obligor – on whose behalf the bond is issued by the Surety
The Obligee – In whose favor the bond is issued
Surety Agreement:
The Principal Contract – this is the contract between Principal and the Obligee where the former binds himself to faithfully performs his obligation in accordance with the terms and conditions agreed upon.
The Contract of Suretyship – this is the contract wherein the Surety guarantees the faithful performance of the principal of his contract with the Obligee.
The Indemnity Agreement – contract where the Principal and his co-indemnitors bind themselves to reimburse the Surety for losses sustained in consequence or the issuance of the bond. This agreement also provides that the principal agrees to pay the bond premium.
Coverages
o Surety (Down Payment)
o Surety (Maintenance/Warranty)
o Bidder’s Bond
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