Surety Bond

Surety bonds are three party agreements in which one party (the Surety) guarantees or promises a secondary party (the Obligee) that a third party (the Principal) will successfully perform a duty/obligation. When a court requires a bond, it is expecting that the Principal will undertake the obligation of the bond, the Obligee will receive the benefit of the bond and the Surety will guarantee the obligation is performed.

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Examples of Surety Bonds:

Construction Surety Bond: This type of bond protects against a construction contractor’s misconduct or fraudulent behavior.

Freight Broker Surety Bond: This type of bond protects an Obligee from fraud or unethical actions carried out by anyone operating a transportation broker.

A personal or notary surety bond refers to a legal third party contract between independent parties that is signed and acknowledged by a notary. There are also corporate surety bonds to protect against fraud or misconduct within a company.