A surety bond is a contract among at least three parties:
The obligee - the party who is the recipient of an obligation,
The principal - the primary party who will be performing the contractual obligation,
The surety - who assures the obligee that the principal can perform the task
When a first party (obligee) calls upon a second party (principal) to perform duties in contract form, a surety bond is issued by a third party (surety), guaranteeing that the second party will fulfill an obligation or series of obligations to the first party. In the event that the obligations are not met, the first party will recover its losses via the bond.
At SHEPARD & SHEPARD, we have access to several bond markets and are happy to provide you with a Fast and Affordable Bond quote. Complete the bond information below: