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GLOSSARY

SURETY BOND

A Surety bond is simply a bond guaranteeing performance of a contract or obligation. The word Surety is normally used in insurance as a term that covers a variety of bonding services.

This is a three-party instrument intended to only assure and protect the “obligee” not the “principal” (applicant). The agreement binds the applicant to comply with the terms and conditions of a contract. If the applicant is unable to successfully perform the contract, the surety assumes the applicant’s responsibilities and ensures that the project is completed correctly. In other words a surety bond provides for monetary compensation should there be a failure to perform specified acts and this person or corporation supplying the bond acts as a co-signer or guarantor for a specific deposit, performance or contract.

Office: 714-962-2245 All Surety Bonds can be approved by fax and mail as well as in person

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