Bonds / Suretyship

Bonds / Suretyship

An agreement whereby the Surety, for a consideration, guarantees the performance of the principal in favor of the Obligee.

Parties to a Bond

• Surety – issues the bond and is the guarantor.

• Principal – fulfills the obligation and on whose behalf the bond is issued by the Surety.

• Obligee – beneficiary of the bond or in whose favor the bond is issued and protected against losses due to non-performance of the Principal.

Surety Agreement

• Principal Contract – a contract between the Principal and Obligee where the former should faithfully perform his obligation according to the terms and conditions agreed upon.

• Contract of Suretyship – a contract wherein the Surety guarantees the faithful performance and compliance of the Principal of his contract with the Obligee.

• Indemnity Agreement – a contract or agreement where the Principal and his Co-indemnitors promise to reimburse the Surety for losses incurred. This agreement also provides that the Principal agrees to pay the bond premium.

Liberty Insurance Corporation provides the following bonds:

– Surety Bond:

`Bidders Bond

Performance Bond

Advance Payment Bond

Warranty Bond

– Fidelity Bond

– Judicial Bond:
We offer surety bonds, fidelity bonds, and judicial bonds.

• Bail bond

• Heir’s bond

Get a FREE quote now. Please contact Ms. Maica Castillo

Email: businessdevelopmentph@gmail.com

Cellphone: 09770271249