Oregon Surety Bond is a type of guarantee that is required for certain businesses and individuals in the state of Oregon. It is a promise by a surety company that a principal (the individual or business) will fulfill their obligations as stated in a contract. The surety company agrees to cover any losses or damages that may be incurred by the obliged (the party requesting the bond) if the principal fails to fulfill the terms of the contract. There are several types of Oregon Surety Bond including Contract Surety Bond, License and Permit Bond, Probate or Fiduciary Bond, and Public Official Bond. Contract Surety Bonds guarantee that the terms of a contract are met. This could include construction contracts, subcontracts, or supply contracts. License and Permit Bonds guarantee that the bonded party will comply with all applicable laws and regulations. Probate or Fiduciary Bonds guarantee that the estate of a deceased individual is properly administered by an appointed executor or administrator. Public Official Bonds guarantee that public officials will faithfully carry out their duties in accordance with the law.
Oregon Surety Bond
State:
Oregon
Control #:
OR-SKU-1727
Format:
Word
Instant download
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Description
Surety Bond
Oregon Surety Bond is a type of guarantee that is required for certain businesses and individuals in the state of Oregon. It is a promise by a surety company that a principal (the individual or business) will fulfill their obligations as stated in a contract. The surety company agrees to cover any losses or damages that may be incurred by the obliged (the party requesting the bond) if the principal fails to fulfill the terms of the contract. There are several types of Oregon Surety Bond including Contract Surety Bond, License and Permit Bond, Probate or Fiduciary Bond, and Public Official Bond. Contract Surety Bonds guarantee that the terms of a contract are met. This could include construction contracts, subcontracts, or supply contracts. License and Permit Bonds guarantee that the bonded party will comply with all applicable laws and regulations. Probate or Fiduciary Bonds guarantee that the estate of a deceased individual is properly administered by an appointed executor or administrator. Public Official Bonds guarantee that public officials will faithfully carry out their duties in accordance with the law.
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