What Is A Surety Bond?
I frequently get calls from people wanting a surety bond but they aren't quite sure what it is or how it works. I have copied most of the following explanation from the Independent Agents & Brokers Association as it explains a surety bond very well. A surety bond is a three-party agreement between a surety company, an oblige and a principal. The third party (surety company) guarantees to the second party (oblige) the successful performance of the first party (principal). The