King Washington Surety Agreement

• Category: Contracts - Surety
• State: Multi-State
• County: King
• Control #: US-0593BG
• Format: Word; Rich Text

Description

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 The King Washington Surety Agreement is a legal document that establishes a contractual relationship between three parties: the principal (also known as the obliged), the surety, and the obliged. This agreement ensures that the principal fulfills their obligations, typically associated with a contract or an undertaking, to the obliged. The King Washington Surety Agreement provides financial security and guarantees the obliged that in the event the principal fails to meet their obligations, the surety will step in and fulfill them instead. Keywords: 1. King Washington Surety Agreement: This is the specific name of the agreement being discussed, emphasizing its relevance to King Washington, which could signify a jurisdiction, a company, or an individual. 2. Surety: A party, often an insurance company, that guarantees the fulfillment of the principal's obligations in case of default. 3. Principal: The party obligated to fulfill a contractual or legal obligation to another party. 4. Obliged: The party to whom the principal owes a contractual or legal obligation. 5. Contractual Relationship: Refers to the legal bond and responsibilities between the principal, surety, and obliged. 6. Financial Security: Assurance of funds or assets that secure the fulfillment of obligations to the obliged. 7. Obligations: The duties and responsibilities that the principal is expected to perform, typically outlined in a contract. 8. Undertaking: A legal commitment, often contractual, that obligates the principal to perform certain actions or fulfill specific obligations. 9. Default: Failure of the principal to fulfill their obligations as agreed upon. 10. Fulfillment: Satisfactory completion or performance of contractual obligations. 11. Insurance: The surety, akin to an insurance company, offers assurance and financial protection against potential default by the principal. 12. Types of King Washington Surety Agreements: There may be various types of specific surety agreements under the King Washington jurisdiction, such as performance bonds, payment bonds, license bonds, or bid bonds, each designed for specific purposes or industries.

The King Washington Surety Agreement is a legal document that establishes a contractual relationship between three parties: the principal (also known as the obliged), the surety, and the obliged. This agreement ensures that the principal fulfills their obligations, typically associated with a contract or an undertaking, to the obliged. The King Washington Surety Agreement provides financial security and guarantees the obliged that in the event the principal fails to meet their obligations, the surety will step in and fulfill them instead. Keywords: 1. King Washington Surety Agreement: This is the specific name of the agreement being discussed, emphasizing its relevance to King Washington, which could signify a jurisdiction, a company, or an individual. 2. Surety: A party, often an insurance company, that guarantees the fulfillment of the principal's obligations in case of default. 3. Principal: The party obligated to fulfill a contractual or legal obligation to another party. 4. Obliged: The party to whom the principal owes a contractual or legal obligation. 5. Contractual Relationship: Refers to the legal bond and responsibilities between the principal, surety, and obliged. 6. Financial Security: Assurance of funds or assets that secure the fulfillment of obligations to the obliged. 7. Obligations: The duties and responsibilities that the principal is expected to perform, typically outlined in a contract. 8. Undertaking: A legal commitment, often contractual, that obligates the principal to perform certain actions or fulfill specific obligations. 9. Default: Failure of the principal to fulfill their obligations as agreed upon. 10. Fulfillment: Satisfactory completion or performance of contractual obligations. 11. Insurance: The surety, akin to an insurance company, offers assurance and financial protection against potential default by the principal. 12. Types of King Washington Surety Agreements: There may be various types of specific surety agreements under the King Washington jurisdiction, such as performance bonds, payment bonds, license bonds, or bid bonds, each designed for specific purposes or industries.