Obligee a person or organization to whom another party (the "obligor") owes an obligation. In a bonding situation, this is the party that requires and receives the protection of the bond.

Surety Agreement Contract

Name: Surety Agreement
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.68 (382 reviews)

Category:

Contracts - Surety

State:

Multi-State

Control #:

US-0593BG

Format:

Instant download

Description Surety Agreement

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 firs

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Surety Agreement Template Other Form Names

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Surety Agreement Blank FAQ

On average, the cost for a surety bond falls somewhere between 1% and 15% of the bond amount. That means you may be charged between $100 and $1,500 to buy a $10,000 bond policy. Most premium amounts are based on your application and credit health, but there are some bond policies that are written freely.

The cost of your $50,000 surety bond depends mostly on your personal credit score. Applicants with good credit usually pay premiums between 0.75% and 2.5%, which means between $375 and $1,250 per year. Applicants with bad credit, on the other hand, pay premiums in the range of 2.5% to 10%, or between $1,250 and $5,000.

Examples of these bonds include construction and environmental performance, payment, supply, maintenance, and warranty bonds. Commercial surety helps obtain capacity at the lowest cost for all corporate surety needs.International surety examines the unique surety requirements internationally.

The principal is the party being required to obtain the surety bond by the obligee. When filling out a surety bond application, you are the principal. The obligee requires the principal to obtain a surety bond to ensure they uphold their end of the agreement.

When it comes to surety bonds, you will not need to pay month-to-month. In fact, when you get a quote for a surety bond, the quote is a one-time payment quote. This means you will only need to pay it one time (not every month).Most bonds are quoted at a 1-year term, but some are quoted at a 2-year or 3-year term.

Obligee a person or organization to whom another party (the "obligor") owes an obligation. In a bonding situation, this is the party that requires and receives the protection of the bond.

At its simplest, a surety bond requires the surety to pay a set amount of money to the obligee if a principal fails to perform a contractual obligation.The surety bond requires the principal to sign an indemnity agreement that pledges company and personal assets to reimburse the surety if a claim occurs.

This means, a $75,000 surety bond will cost a good credit applicant somewhere between $562 and $1,875. For a bad credit applicant the cost will be in the range between $1,875 and $7,500. Here is a breakdown of what your premiums are likely to be based on your credit score.

Surety Agreement Contract

Description Surety Agreement

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Surety Agreement Template Other Form Names

Surety Agreement Blank FAQ

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