Afsb151 - Study guides, Class notes & Summaries

Surety bond ANSWER- A written contract that expresses one party's promise to answer for another party's failure to do something as promised. Obligee ANSWER- The party to a surety bond that receives the surety's guarantee that the principal will fulfill an obligation or perform as promised. Principal ANSWER- The party to a surety bond whose obligation or performance the surety guarantees. Surety ANSWER- The party (usually an insurer) to a surety bond that guarantees to the oblige that...