Our Products

Surety

Surety is an age-old form of legal contract and has a well-documented history in commercial and personal transactions around the world.

A surety bond is a three-party agreement by which the surety binds itself to discharge the contracted obligations of a principal to an obligee in the event that the principal fails to fulfill such obligations.

What is Commercial Surety Bonding?

Commercial surety is comprised of the following major classes of bonds: customs and excise, licence and permit, fiduciary, lost document, and various special commercial bonds.

Commercial surety bonds have proven to be a cost effective method of ensuring compliance with a variety of important laws and regulations.

Most commercial surety bonds are mandated by government bodies and agencies (obligees) and specified in the requirements of various acts and regulations that pertain to particular business activities. Entities (principals) wishing to undertake such business are responsible to provide the required bonds. Certain private sector transactions also call for commercial surety bonds. The surety's obligation is limited to the bond penalty.