Surety Bond Sinarmas.
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| Surety Bond Sinarmas |
A surety bond or surety is a promise by a surety or guarantor 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 defined as 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 perform the contractual obligation. the surety - who assures the obligee that the principal can perform the task.
There are four types of surety bonds:
A surety bond is defined as 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 perform the contractual obligation. the surety - who assures the obligee that the principal can perform the task.
There are four types of surety bonds:
- Bid Bond: Ensures the bidder on a contract will enter into the contract and furnish the required payment and performance bonds if awarded the contract.
- Payment Bond: Ensures suppliers and subcontractors are paid for work performed under the contract.
- Performance Bond: Ensures the contract will be completed in accordance with the terms and conditions of the contract.
Surety Bond Sinarmas
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