Tennessee SURETIES ON BONDS - Actions to Protect Interest

State:
Tennessee
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TN-SKU-0621
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SURETIES ON BONDS - Actions to Protect Interest

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This subpart prescribes procedures for the use of sureties and other security to protect the Government from financial losses. A surety completing performance for a contractor is subrogated to the contractor's rights as to any remaining payments due under the contract.Surety Bonds are designed to protect your interest from the actions of a third party. There are Four Major Categories of Surety Bonds:. A surety bond ensures that projects are completed as per the contracts and disputes are settled with minimal damage to all parties. A performance bond provides available funds to complete the. With a surety bond, the Principal is guaranteeing payment or performance of its bonded obligation to the Obligee. Surety bonds normally expire automatically upon satisfaction or completion of the terms set forth in the bond (i.e. The defendant surrendering into custody). With a surety bond, the Principal is guaranteeing payment or performance of its bonded obligation to the Obligee.

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Tennessee SURETIES ON BONDS - Actions to Protect Interest