An indemnity bond provides coverage for the loss of an Obligee in the event that the Principal fails to perform according to standards agreed upon between the Obligee and the Principal. A surety is a person obligated by a contract under which one person agrees to pay a debt or perform a duty if the other person who is bound to pay the debt or perform the duty fails to do so. Usually, the party receiving the surety's performance will first try to collect or obtain performance from the debtor before trying to collect from the surety. A surety is often found, for example, when someone is required to post a bond to secure a promise.
Illinois General Form of Indemnity Bond
Category:
State:
Multi-State
Control #:
US-03111BG
Format:
Word;
Rich Text
Instant download
Description
How to fill out Illinois General Form Of Indemnity Bond?
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