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Caib 3 > Next 10 > Flashcards

Next 10 Flashcards

1
Q

Surety bond

A

An agreement between three parties

principal, surety, obligee

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2
Q

Surety

A

A person who takes responsibility for another performance of an undertaking

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3
Q

Suretyship

A

The contractual relationship in which a surety engages to answer for the debt or default of a principal to a third-party

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4
Q

Obligee

A

A person to whom another is bound by contract or other legal procedure

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5
Q

Principal

A

The entity who’s performance is being guaranteed

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Caib 3 (7 decks)

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