What is a Surety Bond? A surety bond is a written agreement where one party, the surety, obligates itself to a second party, the obligee, to answer for the default of a third party, the principal. There are 2 categories of surety bonds:
- Contract Surety Bonds provide financial security and construction assurance on building and construction projects by assuring the obligee that the contractor will perform the work and pay certain subcontractors, laborers, and material suppliers. For more information, Click Here.
- Commercial Surety Bonds guarantee performance by the principal of the obligation or undertaking described in the bond. For more information, Click Here.
There are many other resources that are located at the Surety Information Office. We have included a few below: