Common Surety Bonds You Ought To Know

A surety bond can be defined as contract between three parties guaranteeing that a job will be completed in accordance to the contract terms. The three are the project owner who is the obligee, contractor who is the principal and the surety who ensures the task at hand is completed as per the agreement terms. Surety bonds are more financial related and even though they are very common in the construction industry, they come in different types touching on different areas of agreement.