Indemnification of Surety by Subcontractor on Contractor's Bond is a contractual agreement between a subcontractor and a contractor’s surety. It states that the subcontractor shall indemnify the surety against losses and liabilities incurred by the surety due to the subcontractor’s breach of contract. The surety will be protected from any financial losses resulting from the subcontractor’s failure to perform its obligations under the contract, or failure to pay any debts owed to the contractor. The indemnification may include expenses, costs and attorney's fees incurred by the surety in enforcing its rights or defending against a claim. There are two types of Indemnification of Surety by Subcontractor on Contractor's Bond: 1. Primary Indemnity Agreement: This agreement holds the subcontractor responsible for any losses or liabilities the surety incurs due to the subcontractor’s breach of contract. 2. Secondary Indemnity Agreement: In this agreement, the subcontractor agrees to pay the surety only after the contractor has failed to fulfill its obligations and the surety has paid out for any losses or liabilities.
Indemnification Bond
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