A bond or contact of suretyship is an accessory agreement whereby a party called the surety jointly and severally guarantees performance by another party called the principal of a primary obligation required by either law or contract to be performed in favor of a third party called oblige.
Contract Bonds
This bond guarantees the performance of contractual obligations such as the construction of roads, buildings or the supply of materials or merchandise.
Judicial Bonds
Sometimes called litigants’ bonds, these are required in some court proceedings. They have no fixed duration but are co-terminus with the case.
