How Does a Surety Bond Work? A Comprehensive Guide for Contractors and Service Providers
Discover how surety bonds ensure trust and accountability in business contracts, especially in construction and services. Learn about the roles of the principal, obligee, and surety, and how various bonds like bid, performance, and payment bonds protect projects. Uncover the importance of licensing and permit bonds for legal compliance and public welfare, promoting industry-specific safeguards and financial security.