350 East Ogden Avenue, Westmont, IL 60559
Suretyship is a very specialized line of insurance that is created whenever one party guarantees performance of an obligation by another party. A surety bond is a written agreement where one party, the surety, obligates itself to a second party, the obligee, to answer for the default of a third party, the principal.
Contract Surety Bonds (or Corporate) provide financial security and construction assurance for building and construction projects by assuring the project owner (obligee) that the contractor (principal) will perform the work and compensate certain subcontractors, laborers and material suppliers, as outlined via their contract. Contract surety bonds include the following: