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Surety Bond Basics

Surety Bond Basics

Surety bonds are legally binding contracts between the person providing the service, the person receiving the service, and the entity guaranteeing the service. A surety company in New Jersey issues bonds that work like lines of credit, providing backup just in case the person or entity that purchases the bonds cannot or does not fulfill the terms of the agreement. Three Parties There are three parties involved in a surety bond agreement: Principal – the person who purchases the bond,…

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