A surety bond guarantees performance of a contract.

Name: A surety bond guarantees performance of a contract.
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A surety bond is a contract between three parties - the principal (the one who promises to do something), the obligee (the one who wants the promise fulfilled), and the surety (the one who guarantees that the promise will be fulfilled). The surety bond guarantees that the principal will fulfill the terms of the contract with the obligee.

A Surety Bond Guarantees Performance of a Contract