A Mississippi Surety Bond (10K) is a legal contract between three parties: the principal (the party obtaining the bond), the obliged (the party requiring the bond) and the surety (the company providing the bond). The bond is a guarantee that the principal party will fulfill their contractual obligations to the obliged as required by law. The surety company is guaranteeing the principal's performance by providing a financial guarantee of up to $10,000. If the principal fails to fulfill their obligations, the obliged can file a claim against the bond and receive up to $10,000 in compensation. There are two types of Mississippi Surety Bond (10K): License and Permit Bonds and Contractor Bonds. License and Permit Bonds guarantee that the principal will abide by the laws, regulations and ordinances of the state in which they are operating. Contractor Bonds guarantee that the principal will complete a contracted construction project according to the specifications outlined in the contract.
Mississippi Surety Bond (10K)
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How to fill out Mississippi Surety Bond (10K)?
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