A surety bond is a promise to be liable for the debt, default, or failure of another. It is a three-party contract by which one party (the surety) guarantees the performance or obligations of a second party (the principal) to a third party (the obligee).
There are over 50,000 bonds in the U.S. and bond requirements, amounts and regulations are typically set at the state level. There are two broad categories of surety bonds:
(1) contract surety bonds; and
(2) commercial (also called miscellaneous) surety bonds.
BWO can service our customer’s bond needs.