The City of Atlanta requires Rick,a construction expert hired to build a new town hall,to purchase a bond guaranteeing his performance on the project. In this bond,Rick is the:

Question

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In a bond guaranteeing performance, the party responsible for the completion of the project (in this case, Rick) is called the principal. The obligee is the entity requiring the bond (in this case, the City of Atlanta), while the surety is the party providing the bond and backing the principal's performance. Insured is not normally used in the context of construction bonds.

The City of Atlanta Requires Rick,a Construction Expert Hired to Build