Infographic : Surety Bond Roles and Responsibilities
Surety bonds play an important role in today’s unstable and unsure economic climate. Today, people are more careful and want to compile all their requirements legally. The main aim of surety bonds is to provide guaranteed performance on the contract. There are different kinds of surety bonds for different purposes. The surety bond determines the roles and responsibilities of different people engaged in different projects.
A surety bond is said to build a temporary relationship with the obligee, principal, and the surety. The surety company provides a financial guarantee to the obligee that the principal will fulfill its entire obligation. Hence, we can say that a surety bond is a risk transfer mechanism. Most people get confused between a surety bond and insurance. But both are two different things.
The infographic titled ” Things to Keep in Mind While Applying for Surety Bond Online” tells you the important things that you must know when you are applying for a surety bond online. The infographic will help you get the most suitable surety bond for you needs. For detailed information on surety bonds, refer to the infographic below.