Iowa Indemnification of Surety on Contractor's Bond by Subcontractor

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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

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.

In every contract of guarantee there is an implied promise by the principal debtor to indemnify the surety, and the surety is entitled to recover from the principal debtor whatever sum he has rightfully paid under the guarantee, but, no sums which he has paid wrongfully.

An indemnitor is a company or person agreeing to take on the obligation that would typically be placed on a surety if an individual defaults on a bond issued to him. If the applicant doesn't qualify for reasons of risk by the standards of the surety, an indemnitor might be necessary for the bond process.

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.

By law, Subcontractor shall indemnify, defend (at Subcontractor's sole expense) and hold harmless Contractor, the Owner (if different from Contractor), affiliated companies of Contractor, their partners, joint ventures, representatives, members, designees, officers, directors, shareholders, employees, agents, ...

Personal indemnity means that person is putting their personal assets at risk in return for obtaining surety bonds. The industry thought process is that surety bond companies want the significant owners of the company to stand behind the company.

An indemnity bond is a type of insurance policy. It ensures that you?not the bank?will be liable for any losses if the lost check is found and presented for payment.

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Iowa Indemnification of Surety on Contractor's Bond by Subcontractor