A Surety Bond is a three-party contract that guarantees performance under the main agreement signed by a principal and an obligee. The principal is under the obligation to perform some kind of work for the obligee, and the third party - the guarantor - promises to compensate the obligee if the principal fails to comply with their responsibilities. Whether you enter into transactions in the private or public sector, this legally binding document will cover the default of the principal.
You can find a Surety Bond template through the link below. It is possible to customize this document to your liking but at a minimum, a Surety Bond form should identify the parties, include the amount of the bond, refer to the contract signed by the principal and the obligee, indicate the duration of the bond, describe the parties' responsibility to submit a notice before filing a claim on the bond, and contain the signatures of the principal and surety. If you believe this contract requires extra protection, you can obtain a notary seal for your bond - notarization is common when you complete a Corporate Surety Bond to prove to your client your business can be trusted.
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