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A Surety Bond is a three-party agreement whereby the surety guarantees to the obligee (the project owner) that the principal (the contractor) is capable of performing the contract in accordance with the contract documents. Performance of the contract, which is the subject of the bond, determines the rights and obligations of the surety and the obligee.
Here are the eight different families of surety bonds:
Reliance-Menno-Hursh Insurance Group offers free, comparative quotes on surety bonds from multiple insurance carriers so you can get the best possible rate.
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