A surety bond or surety is a promise to pay one party (the obligee) a certain amount if a second party (the principal) fails to meet some obligation, such as fulfilling the terms of a contract. The surety bond protects the obligee against losses resulting from the principal’s failure to meet the obligation.
A surety bond is a contract among at least three parties:
- The obligee – the party who is the recipient of an obligation,
- The principal – the primary party who will be performing the contractual obligation,
- The surety – who assures the obligee that the principal can perform the task
The product line is specialized and tailored for each client, be it an individual or a corporate conglomerate with businesses located around the world. Three party specialized buy back or surety contracts are quite popular and the Company’s product design team excels in this area. As this area is quite broad, and client and the third party needs quite different, each contract is created from inception and stands on its own. There are no standard contracts, only guidelines for generalized wording, as no two contracts have the same terms. The Company’s design and legal team have a 5 day turnaround timeframe to issue a contract or contracts once all data is supplied by the client and the third party. In the event of necessity, with an additional fee, the time window may be reduced to 24 hours. Representative and correspondent offices are located in various areas of the world and will assist in this process.
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A bespoke Surety Bond can be complex and requires careful planning and execution. We therefore encourage our clients to contact us directly, without obligation.
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