Georgia Indemnification of Surety on Contractor's Bond by Subcontractor

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Multi-State
Control #:
US-13381BG
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Description

To indemnify means to reimburse another for a loss suffered because of a third party's or one's own act or default. It can also refer to a promise to reimburse another for such a loss or to give another security against such a loss.
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  • Preview Indemnification of Surety on Contractor's Bond by Subcontractor
  • Preview Indemnification of Surety on Contractor's Bond by Subcontractor
  • Preview Indemnification of Surety on Contractor's Bond by Subcontractor
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FAQ

A performance bond is a type of contract construction bond that guarantees a contractor will complete a project ing to the terms outlined in a contract by the project owner, also called the obligee. The obligee can be a city, state, or local government, as well as the federal government or a private developer.

A surety bond is a contract between three parties?the principal (you), the surety (us) and the obligee (the entity requiring the bond)?in which the surety financially guarantees to an obligee that the principal will act in ance with the terms established by the bond.

What is an indemnity agreement for surety? Generally speaking, the indemnity provision in the agreement grants the surety the broad legal right to recover from the indemnitor whatever it pays on the principal's behalf under the related bonds, as well as those amounts for which it remains liable.

A: A surety bond is a three-party agreement. The obligee requires the principal to buy the bond and honor its terms. The surety company financially backs the bond if the principal violates those terms. If the surety company pays out any claims made on the bond, the principal must reimburse the surety.

When a bond or undertaking is required by law to be given for the faithful performance of a duty or obligation, or required to be given in a judicial proceeding in a court of this state, the bond shall, unless otherwise specified by the law requiring it, be executed by the principal and at least two sureties.

A surety bond is a promise to be liable for the debt, default, or failure of another. It is a three-party contract by which one party (the surety) guarantees the performance or obligations of a second party (the principal) to a third party (the obligee).

Each surety shall justify by affidavit stating that he is worth the amount specified in the bond over and above his just debts and liabilities, exclusive of property exempt from execution.

Indemnity is the backbone of many surety bonds. In short, indemnity compels a party to compensate another party. Regarding a surety bond, this means that the obligee has the legal right to collect from the surety if the principal of the bond fails to uphold their end of the bond.

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Georgia Indemnification of Surety on Contractor's Bond by Subcontractor