A surety bond provides assurance that the party to a contract will perform its part of the contract.

Name: A surety bond provides assurance that the party to a contract will perform its part of the contract.
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A surety bond is a three-party agreement where the surety (usually an insurance company) assures the obligee (the party requiring the bond) that the principal (the party performing the contractual obligation) will fulfill their part of the contract.

A Surety Bond Provides Assurance That the Party to a Contract