The bond is simply a promise by an individual or company to another party. The person making the promise is called the Principal on the bond. The beneficiary of the promise is called the Obligee . The obligee may be an individual, a company, or a government division or agency. The party guaranteeing the principal will fulfill the promise to the obligee is called the Surety .
Sureties are usually insurance companies.
The principal pays the surety a fee or premium for guaranteeing the promise. Obviously the surety will want to know enough about the principal to feel comfortable that the promise to the obligee can be kept. That's the bond process in a nutshell. We're always open. By e-mail , phone or fax .