Contract Bond (Glossary Word)

A contract between three parties. A surety principle applies for a bond from the surety, typically an insurance company, in order to assure an obligee, or project owner, that the principle has the capacity to perform according to the provisions of an agreement or contract yet to be fulfilled.

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Glossary Words

• Surety Bond
• Judicial and Probate Bond
• License and Permit Bond
• Contractors Bond