What surety means?
The surety is the guarantee of the debts of one party by another. A surety is an organization or person that assumes the responsibility of paying the debt in case the debtor policy defaults or is unable to make the payments. The party that guarantees the debt is referred to as the surety, or as the guarantor.
How do you pronounce the word surety?
How do you say surety bond?
A surety bond (pronounced “shur-ih-tee bond“) can be defined in its simplest form as a written agreement to guarantee compliance, payment, or performance of an act.
Who is the surety on a bond?
Who is the Surety? The surety is the insurance company who provides the surety bond for the protection of the obligee. The surety offers a financial guarantee to the obligee that the principal will fulfill their written obligation and uphold their duty.