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Bond Renewals Surety1 Explains Friendly Service Form

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what is a surety bond it sounds scary but it's not a surety bond is purchased by a company or individual as proof of financial responsibility guaranteeing performance payment of taxes or wages or compliance to rules and procedures similar to insurance but different in one key way beneficiary a surety bond is required to be purchased to protect the business's customer base from any negligence fraud theft or contractual promises broken here's an example of a surety bond it's a legal document involving three parties one the principal this is the business required to purchase the surety bond two The Surety The Surety is the insurance company that writes the surety bond guarantees payment on any legitimate claim against the bond three the obligine this is the entity requiring your business to purchase the surety bond in most cases the obligee is a government agency requiring a surety bond as part of the licensing process the government may be the government m

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