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A surety bond is used to guarantee that a company holds up its contractual obligation. This type of guarantee is often a requirement for any company that wishes to have a contract awarded to it., to get FREE, no-obligation quotes for surety bonds from major insurance providers.

There are three parties involved in a surety bond - the principal, the obligee, and the surety. The principal is the person or company that is awarded a contract. The obligee is the person or company that issues the contract. The surety is the insurance provider that guarantees that the principal will fulfill their contractual obligations.

A common use of a surety bond is in the construction industry. Often times, a construction company will have a surety bond to guarantee that they will perform their duties as outlined in the contract. There are several different types of surety bonds available to the construction industry,, including bid bonds, payment bonds, performance bonds, and maintenance bonds.

The purpose of a surety bond is to guarantee the performance of the principle. If the principle does not live up to their end of the contract, then the bonding company, or surety, will pay the person who suffers from the principle's lack of performance. A surety bond is an instrument used to show that a company is credible and that a financially stable third party stands behind the work of this company.

A surety bond requires the principal to pay a premium to the company issuing the bond. A surety bond will list a specific amount of money that is the maximum amount that the surety will be required to pay if the principal defaults on their contractual obligation.

Visit NetQuote today to get FREE, no-obligation quotes for surety bonds. By filling out one simple, secure online form,, will get multiple quotes for surety bond coverage from leading bond companies, allowing you to choose which surety bond provider is best for your situation.