October 22, 2017
Technical Assurance, LLC

Suretyship

Surety bonds, when executed, provide a guarantee that the contractor, called the “principal,” will perform the “obligation” stated in the bond for the benefit of the owner, the “obligee.”  If the contractor fully performs the stated obligation, then the bond is void.  If the contractor fails to perform the obligation stated, both the contractor and the surety are liable, jointly and severally.