1
Q
Surety bond
A
An agreement between three parties
principal, surety, obligee
2
Q
Surety
A
A person who takes responsibility for another performance of an undertaking
3
Q
Suretyship
A
The contractual relationship in which a surety engages to answer for the debt or default of a principal to a third-party
4
Q
Obligee
A
A person to whom another is bound by contract or other legal procedure
5
Q
Principal
A
The entity who’s performance is being guaranteed
Caib 3
flashcards
Decks in class (7)
# Cards
