A surety bond is a financial guarantee that one party (the obligee) will be financially compensated for any losses incurred as a result of the failure of another party (the principal) to meet their obligations. Surety bonds are often required by government agencies or private businesses as a condition of doing business.

Common types of surety bonds include:

  • Contract bonds, which guarantee that a contractor will complete a construction project according to the terms of the contract.
  • License and permit bonds, which guarantee that a business will comply with local and state regulations.
  • Fidelity bonds, which protect businesses from losses due to employee dishonesty.
  • Public official bonds, which guarantee that a public official will fulfill their duties honestly and fairly.

Surety bonds are usually provided by insurance companies or specialized surety bond companies. They can be an important tool for protecting your business and ensuring compliance with regulations.

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